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June 20, 2008, Newsletter Issue #163: Know Your Rights
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Tip of the Week
If you sign a contract to build a new construction Miami home, make sure you read it carefully. You should understand any penalties, all of your deliverables as the buyer and all of the deliverables owed by the builder. You should understand all of the costs, the process and the document itself. Just because you've signed the contract doesn't mean you have lost all of your rights to negotiate.
For instance, you should ensure you have recourse if the builder goes off schedule, doesn't complete items as promised or appears to be cutting corners. Projects like this rarely go as planned, so you should plan for how you will deal with any delays or problems.
Also, write everything down. After every conversation, change to the plan or additions to the contract, write everything down and then repeat it to your developer. Good communication and documentation are the keys to a successful new construction home project.
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