Paperwork To Review When Purchasing New Construction In Newton MA

A common form of new construction are those sold by home builders within newly developed communities. There are generally a range of floor plans to select from and various upgrades. The paperwork required in new construction sales is more than for other properties. This information on paperwork to review when purchasing new construction in Newton MA might be useful.

Lot Reservation Forms

The ability to hold a unit is not always offered. If you are interested in a particular unit, ask whether it may be reserved. You typically must submit a deposit of some sort and are given a particular number of days to decide. This will give you time to complete your due diligence.

Upgrade Selection Forms

There is normally a list of standard upgrades and prices. The first thing to do is to find out the applicable time lines. After the cutoff point, you might not be allowed to select them or it could be more expensive for them. Be sure to submit your selections in writing.

Unique Builder Paperwork

Most home builders use their own forms. Those that use standard forms will usually add a special addendum. In either case, there are purchase terms that you must review and accept in order to purchase the property. Real estate brokers are forbidden from advising you on them (since it is viewed as practicing law). You should elicit the help of an attorney. Be aware that in many cases, builders are not open to editing their terms.

Builder Warranty Details

If a builder warranty is included with the home, it will be outlined in a separate document. The coverage can vary. Some provide extensive coverage while others list only certain items. Pay special attention to events that may nullify a warranty. Additionally, keep the warranty expiration date in mind.

Building Designs

Most home builders furnish a summary of the layout and construction specs. Get a good grasp on what exactly is included, and more specifically, what is not. Be aware that some designs might be overviews and not explicit blueprints.

Paperwork To Review When Purchasing New Construction In Newton MA

The process of purchasing a newly constructed home is generally more complicated than purchasing a resale. It is important to hire an agent who understands these challenges. Your agent will assist with documentation and monitor all of the deadlines. Paperwork to review when purchasing new construction in Newton MA is just one of many considerations in the home purchasing process.