My first step, I ask the new home builder these key questions to help my buyers approach the deal with the right expectations. New home Builder reps are more willing to answer these
Questions I Ask New Home Builders Without My Clients.
Dated: April 21 2021
My first step, I ask the new home builder these key questions to help my buyers approach the deal with the right expectations.
New home Builder reps are more willing to answer these questions without my buyers present, so I speak to them one-on-one and share the answers with my client later.
General contract questions:
- Procuring cause —how does the builder document it?
- What buyer incentives are offered?
- Do they have any restrictions on them?
- Can buyers use their own mortgage lender and title company?
- After the contract is signed, are there any additional charges?
- What is the home warranty, and what is the procedure for claims (including how quickly repairs will be made)?
- What does the contract stipulate about earnest money and contract cancellation?
- What’s the procedure for a dispute?
- What are the rights of the buyers?
- What buyer performance does the contract require for closing?
- What builder performance, including finish-out quality and closing date, does the contract specify?
Questions about the process included in the contract:
- Does the lot survey include anything besides standard utility easements?
- How does the builder handle change orders, and what are the added charges?
- Does the builder agree to put everything in writing during the process, including a punch-list of items to be completed before closing?
- Are there any restrictions on buyers using a home inspector, and how will the builder treat the report?
- What is the builder’s definition of a completed home and standard of finish-out quality?
- Can the buyers see the finish-out quality of a builder’s home that will be closing soon?
This list doesn’t cover all the questions that could come up in a builder’s contract, but it does address common issues my buyers may face. Before clients sign a new builder’s contract, they should have their real estate attorney review and approve it.
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