ChitownLiving | Chicago Real Estate + Life

With all new construction there are issues. Being new construction, you would think this would not be the case. Heck, it’s new what could go wrong, but there are always issues either immediate or that creep up once you move in. So some quick precautions. First, make sure your development contract allows you to inspect the unit before closing and develop a list of items that the developer needs to correct (punch list). A good agent should accompany and bring along a roll of blue tape so you can highlight cosmetic issues with finishes. Second, make sure the development contract allows you to bring a licensed inspector along for assistance with the punch list. Third, make sure the development contract allows you to perform a final walkthrough just before closing to ensure punch list items have been corrected. Note any items that have not been corrected and let your attorney know at the closing. Fourth, great, you now have a list of items to correct but more importantly, make sure the developer agrees to fixing the issues and also agrees to fix issues within a defined timeframe (ex. 30, 60, 90 days, etc.). The best case is to have all issues identified and fixed before closing. Prior New Construction Series Posts

• Taxes
• Purchaser Litigation
• Appraisal Contingency
• Closing
• Warranty