Anyone have experience buying a new construction condo and/or cash purchase?
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Tine73
Member since 3/06 22093 total posts
Name: *********
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Anyone have experience buying a new construction condo and/or cash purchase?
I have a few silly questions....
My mom is most likely going to buy a new condo. It's still in the construction phase and will be done in a few months.
1. The realtor said that since all of the units are not complete she would be able to make a few modifications. For example, she wants a shower stall instead of a tub in the full bath, and in the 1/2 bath, she wants the plumbing capped off and she does not want the toilet/sink installed so she can use it as storage instead. He said that "it shouldn't be a problem"
Do I just ask for these items to be listed in the contract to ensure they are done?
2. Since this will be a cash sale, are there any other expenses that she will incur and does a closing take place just like you would have if you were financing it?
3. Anyone have a good real estate attorney in the Plainview/Woodbury/Bethpage area?
Thanks!!
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Posted 1/15/12 11:08 PM |
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BsMomma2014
Fly high little one
Member since 6/10 2662 total posts
Name: nicole
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Re: Anyone have experience buying a new construction condo and/or cash purchase?
I personally would never buy something before it was built completely. We went to contract on a condo as it was being built and the builder went bankrupt. We had to sue to get our deposit back, it was a true nightmare. FM me for more details
Our lawyer is in syosset, micahel bigianni don't hVe the number with me but could get it if you want
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Posted 1/16/12 12:56 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Anyone have experience buying a new construction condo and/or cash purchase?
Get EVERYTHING in writing. When the builder is trying to sell you something, they will promise you everything. After you close, it may be a very different story - this is what happened to my ILs. Most things they had in their contract so it was a non-issue for them, but many of their neighbors were not as lucky.
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Posted 1/16/12 6:19 PM |
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Tine73
Member since 3/06 22093 total posts
Name: *********
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Re: Anyone have experience buying a new construction condo and/or cash purchase?
Posted by MrsVan2010
I personally would never buy something before it was built completely. We went to contract on a condo as it was being built and the builder went bankrupt. We had to sue to get our deposit back, it was a true nightmare. FM me for more details
Our lawyer is in syosset, micahel bigianni don't hVe the number with me but could get it if you want
Thanks so much - I will google him. The condos are just about finished. I', not worried about them going bankrupt but I'll definitely do a little research on them.
Thanks!
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Posted 1/17/12 1:11 AM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: Anyone have experience buying a new construction condo and/or cash purchase?
We bought our condo preconstruction
all changes should be added to the contract as addum - mettering where they are in building -there may be an added fee -we even had a drawign for indicating the different flooring -we swapped out carpet for wood floor
also if there is a condo fee - see what the condo fees are around -the ones they state are usually about 80% of the real condo fee
also know exactly what is part of the fee - and have it in writing- does the condo fee include certain maintenance like filters for the HVAC system -some do and swapping them out- it is better if is included becuase then evey unit is maintained properly
also iif there is a pool or gym is that included in the condo fee
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Posted 1/17/12 10:44 AM |
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