Understanding The Building ContractAs with all contracts, the contract for the purchase of a new home can often be lengthy and confusing. The more informed you are as a purchaser, the better the likelihood that you'll be satisfied with your decision.
While building contracts can vary in form, length, content, and print size, you can expect standard elements such as the names of the parties, dates, and signatures to show up on every contract. Also note that contracts often contain clauses that address company experiences and regional items.
The contract for the purchase of a new home includes a collection of documents, which may include the purchase agreement itself, blueprints, specifications, option and color selection sheets, lighting schedule, site drawing, and limited warranty.
Besides drawing this collection together, the purchase agreement includes many common clauses such as those briefly described below, which are reprinted with permission by the NAHB Home Builder Bookstore.
Click on a topic below for more information.
Construction
Change Orders
Site Visits
Inspection and Acceptance
Mandatory Clauses
Homeowners Association
Possession
Default or Termination
Miscellaneous
Commence and Complete Construction
Conformance With Plans and Specifications
Plan Ownership
Noninterference
Site Clean Up
Warranty
Settlement
Insurance
Co-op Broker
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