How,Buy,New,Construction,Real, business, insurance How to Buy New Construction Real Estate Offerings
Date:2020-12-25 How,Buy,New,Construction,Real, business
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Brand new real estate is a pleasure to own. No deferredmaintenance to worry about and it even smells new. But buying something unseencomes with its own little quirks to worry about.First things first. The contract, also called developercontract, is drafter by and for the benefit of the developer. Make sure yourinterests are adequately represented. The best way to guarantee that is toemploy a lawyer to read the contract and suggest changes.Watch out for any earnest money release provisions. If theearnest money is not going to be held with a title company or escrow agent thenyou better make sure that the developer is well known and has an impeccabletrack record.Consider hiring an independent building inspector. Defectsare much easier to discover while the structure goes up. After completion manydefects can be hidden below the surface.If you are risking your earnest money to have the right topurchase the pre-construction property you should make sure that you couldassign your rights, as you feel fit. That includes the ability to sell yourcontract before closing. Check the contract for any assignability penalties.Not all condos are created equal. Walk the proposed buildingsite. Watch sunrise and sun set orientations, view corridors, traffic impactand whatever else might negatively or positively impact the property. Make sureyou understand which the most desirable units are and dont let the salesbrochure tell you. There is real money to be made in discovering an underpriced unit in that had a great feature overlooked by the developer.As your closing will be a considerable time in the futuremake sure that you will have the ability to close on the property. Have morecash reserves than required by your bank in case lending standards aretightened. If financing is at risk then a pre-construction purchase might notbe a good idea for you.
How,Buy,New,Construction,Real,
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