Tips for Avoiding Land Mines In New-Home Contracts

The Automatic Millionaire Homeowner : A Powerful Plan to Finish Rich in Real Estate When signing to build a home, what are the most important points that should be in the [tag]sales contract[/tag]? Should we have a lawyer look at it?

Language that allows the [tag]builder[/tag] to “modify” your floor plan to conform to the nuances of your lot, making it “similar” to the plans you agreed upon. Look for other elusive phrases like “vary only slightly” or “dimensions may vary” and verbiage that allows the builder to make “minor changes” in the dimension of rooms, walls, windows and doors to conform to your land. Sometimes “minor changes” turn into major ones for you. They can even include flips in floor plans. You’ll want leverage to make the calls on all such decisions. [tag]Substitution clauses[/tag] that give the builders latitude to replace certain components of your home with “[tag]similar or better quality[/tag]” items, should the originals suddenly rise in price or become unavailable. Again, you’ll want language that gives you — not the builder — the latitude to make such calls.

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