$0 Premium Lots : Are they Required? (Charlotte: real estate, lawyers, buyer)

[prodogs]

Does anyone know what the deal is with $0 Premium lots? I was under the impression that if a builder advertised a range that they need to have at least one lot/home in the community that could be purchased at the low end of the range. (therefore at least one lot with a $0 premium)

I have in the past had to dig to find out that yes there was a lot with a $0 premium after being told many times that there was none.

I was wondering if there is a law which cover this which the developers are obviously reluctant to reveal.

Thanx

[flyingscotsman]

Not sure about the law, but I have found a lot of the builders have $0 lots.

In fact our lot was 0 premium, we could chose from approx 9 different lots at the time 5 where 0 4 where $5000.

One builder I was looking at had no $0 lots at the time, told me where they would be in their next phase.

[CHARLOTTEVANGELIST]

There is no NC Real Estate law that would cover this. A lot premium is a choice of the builder. In a less desirable area there will be no Lot Fee. In a hot area there will be. All things are negotiable. Be concerned more with the Builders Contract. These are not the same as the one used by Realtors. The Builder and his Lawyers write them. Please read and do not believe an one who would say - " but we never enforce that." Know what you are signing.

[businessperson]

"the developers are obviously reluctant to reveal."

This part of your note caught my attention. Sounds like you're planning to buy new construction. PLEASE get a Buyer's Agent and take him/her with you to the new construction site and have them present at contract. I think many buyer's don't realize that the onsite agent works for the builder. It's in your best interest to have your own representation, and in most cases it's paid for by the seller.

[threesons]

Originally Posted by CHARLOTTEVANGELIST

There is no NC Real Estate law that would cover this. A lot premium is a choice of the builder. In a less desirable area there will be no Lot Fee. In a hot area there will be. All things are negotiable. Be concerned more with the Builders Contract. These are not the same as the one used by Realtors. The Builder and his Lawyers write them. Please read and do not believe an one who would say - " but we never enforce that." Know what you are signing.

So true, so true. never believe! I heard that line "but we never enforce that" and I said" I can't believe that, just like you state that nothing oral is enforced, well that holds true for me, nothing oral I accept!