Buying a new home is a wonderful luxury. Everything in the residence will be brand new, so you won’t have to worry about maintenance and repairs for a long time. Also, depending on the contract, you can usually get the contractor to fix any unexpected problems that arise free of charge.
Just because a piece of new construction has never been lived in before, however, does not mean that you don’t have to be careful from a legal perspective. Considering that a new piece of real estate will probably cost hundreds of thousands of dollars, it makes perfect sense to review the purchase contract with a fine-toothed comb.
When reviewing the contract, keep the following fact in mind: Purchase contracts are skillfully drafted by experienced lawyers with the goal of preventing disputes from ending up in court. That said, the purchase contract you’re about to sign might not be written to protect you.
Find out what kinds of contingencies have been put into place regarding the contract, and learn about your cancellation rights. Don’t sign anything until you completely understand — with great clarity — what your commitments and liability are going to be.
Investigate what kinds of chemicals have been used by the builder to construct the home. Look for any kind of language in the contract that protects the builder from lawsuits relating to health issues. If this kind of language is present, you’ll want to review it closely. Other buyers may have taken the builder to court over this very same thing.
With a good understanding of the law, and a keen eye for detail, you can navigate the purchase of a new construction home in a way that protects you and your legal rights. Remember, when you are spending a lot of money on a piece of property, leave no stone unturned when it comes to the protection of your legal rights.