Are You Buying a New Construction?

Real Estate
New Development

Certificate of Occupancy aka CO.  A CO is a document issued by a local government agency/building department certifying a building's compliance with applicable building codes and other laws, and indicates this property to be in a condition suitable for occupancy. No one may legally occupy a building until the Department has issued a Certificate of Occupancy or Temporary Certificate of Occupancy (TCO). 

Anticipated closing date,  pretty straight forward but add a buffer of 2-6 months for any delays in construction. I would not advise to look at new construction if you do not have a backup option incase of delays, as they are common.

Preferred Lender, sometimes you will receive a list with the builder’s preferred lenders.. This is encouraged by both your agent and the builder because these lenders have already done all the paperwork and already have the project pre-approved making the financing part of your purchase easier and faster.

Closing Costs are higher in new construction. 

Developer Guarantees, The construction and the appliances are guaranteed by the developer anywhere from 1-5 years.

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