New construction and recently converted condos pose certain problems that a re-sale unit may not. For instance, we (a real estate attorney) almost killed a deal for my clients when we felt there was a misrepresentation in the marketing. However, many new projects and conversion purchase contracts contain clauses suggesting the builder may make “changes” or “changes may occur”.
What is acceptable and what is not?
The key is to have an agent and attorney that explain the many facets of purchasing new and new conversion projects. Do-it-your-selfers may get stuck in a deal even though a builder makes “necessary” changes that are unarguable. We work to make sure our clients know when they can get out… and when they are in for the long hall.
Ultimately, the decision is up to the buyer. If the market suggests that the location, size, amenities, and rehab of the condo merit a certain price, then it is up to the buyer’s values if the place is right for him or her. But I’m able to foresee certain issues that may arise and clear them up before all documents are signed, all “Ts” are crossed and all “I”s are dotted! These issues are formerly added to contracts in the correct manner and in the allotted time period.
From a simple attorney review period to transaction negotiations that have major alterations, I’m communicating with all parties involved. The ability to suggest solutions can mitigate problems before a client even knows there was one. Wouldn’t you rather worry about your job and not the full time job of processing a home transaction?
I really enjoy the war stories surrounding home purchases. There is always stress involved. But the idea is to go into the battlefield with your eyes wide open and with a solid contract. I can help that happen and we do it every day.