Q: In buying a new home construction property, what are the responsibilities and duties of a Realtor before, during, and after construction? Specifically, are they responsible for negotiating the terms of the purchase agreement, follow-up during the construction process with builder/buyer, make sure closing is scheduled on time, etc.?
?Anonymous, Zionsville, IN
A: I am assuming the purchase agreement is for the completed product and a determined completion/closing date. Your Realtor is responsible towards the negotiating of terms and conditions of that purchase agreement, working with your lender, if needed, getting documents to the title company, coordinating the various inspections, etc.. Your Realtor, however, is not a construction consultant and would not be required to inspect or verify various construction processes, but would suggest to you that a home inspector be hired by you for the walk-through prior to close. If financing is involved in the construction process, usually the lender has inspections done at various stages of completion and oversees the process.
From experience, often anticipated completion dates need to be extended due to a number of variables such as weather, delivery of materials, or changes made by the buyer. Your Realtor will be involved in the drafting of any extensions, if needed.
Best wishes to you on your newly constructed home!
JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.
A: Usually, yes all of the above. But interview Realtors and fine out specifically what they offer in their service agreement.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
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