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Old 11-21-2006, 09:46 AM
 
Location: NEW YORK - NASSAU
221 posts, read 673,005 times
Reputation: 43

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Is it necessary to have a lawyer look at the contract of new construction? I was told that the contracts on new construction are standard and have to be the same. Of course other things like deposits, walk throughs, inspections may differ and you yourself should be able to negogiate.
I know when you buy a used home in NY you always have a lawyer read the contract.
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Old 11-21-2006, 10:24 AM
 
Location: Cornelius
2,314 posts, read 2,107,135 times
Reputation: 287
Well the closing will be conducted more than likely at the lawyers office if thats what you mean. The deposit that you give/gave the builder will be deposited into a non interest escrow account.

Your Realtor should be able to help you with the contract part of things.

Good Luck!
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Old 11-21-2006, 10:32 AM
 
Location: NEW YORK - NASSAU
221 posts, read 673,005 times
Reputation: 43
Default lawyer needed

I am talking about the builders contract that I have to sign and send the deposit.
I did not even think about closing, would I have my own lawyer or is it just the mortgage company.
The reason I ask is because I am from NY. And I do not know how much my lawyer will really know about NC real estate transactions. And I don;t know any lawyers in NC.
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Old 11-21-2006, 10:55 AM
 
Location: Cornelius
2,314 posts, read 2,107,135 times
Reputation: 287
For the most part the industry uses standard contracts. With that being said builders are known for add some addendums to the deal. If I was you I would either use a Realtor as a buers Agent or find a lawyer in the Yellow pages. N. Carloina is a buyer beware state so until you have established a fiduciary relationship with either one becareful what you disclose.

Good luck!
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Old 11-21-2006, 10:57 AM
 
Location: Cornelius
2,314 posts, read 2,107,135 times
Reputation: 287
Sorry for the typos. The edit button is missing
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Old 11-21-2006, 11:19 AM
 
140 posts, read 542,912 times
Reputation: 45
Some builder contracts now have that they can use the money how they choose, that it is not in an escrow account. I would be carefull of the wording on return of the earnest money, it can be confusing. You may want your attorney up here to review the contract for those reasons.
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Old 11-27-2006, 12:24 PM
 
47 posts, read 153,320 times
Reputation: 13
Don't forget to make sure you are allowed to bring in your own inspector.
Its very important on new construction and overlooked by many people that later regret it. Make sure the builder does not try to limit the inspection to "code issues" Code inspections are only 2 percent of what professional home inspectors do.
Let me know if I can help.
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