New Home Construction Contracts in Parrish, FL

A Buyer’s Guide to New Home Construction Contracts in Parrish, FL

So, you’re thinking about buying a new construction home in one of Parrish, FL’s many exciting developments. If you haven’t done so already, be sure to check out our new construction page, where we take a deep dive into all the exciting projects available in the area. 

Buying a new construction home is quite different from purchasing a resale property, so it’s crucial to understand what you’re getting into. In this blog post, we’ll break down the essential sections of the builder’s contract you need to know when looking at houses for sale in Parrish, FL.

Builder Contract Vs. As-Is Contract for Houses for Sale in Parrish, FL

With new construction homes in Parrish, FL, be prepared to put down a larger deposit than you would for resale properties. The builder will want you to have “skin in the game” since you won’t close and pay for the home until it’s fully completed. If you’re considering new houses for sale in Parrish, FL, make sure your budget accounts for this larger upfront cost.

(We also have a post on the As-Is Contract if you’re looking for more information on that.)

No Inspection Period (Due Diligence Period)
When you enter into a contract with a builder, there’s no inspection period. This means there’s no escape clause to back out of the agreement. Once you sign, you’re committed, and if you decide to cancel, you risk losing your deposit.

In contrast, the Florida “As-Is” contract usually includes a 15-day inspection period. During this time, you have the option to back out and receive your deposit back if things don’t pan out.

Bigger Deposit Amounts for Parrish, FL New Construction Homes
When you sign a contract with a builder, be prepared to put down a bigger deposit than you would with an As-Is contract. Since you won’t close and pay for the home until it’s fully completed, the builder wants you to have some skin in the game. This ensures that you’re committed to the process and the home, giving them confidence to move forward with the build.

Buyer Pays the Document Stamps
In Florida, document stamps are taxes imposed on specific documents recorded in the public records, like deeds and mortgage documents. The amount you pay varies based on the sales price of the property. This can add up quickly, especially with new construction homes in Parrish, FL.

Unlike resale transactions, where it’s common for sellers to cover many closing costs, buyers usually bear the responsibility for document stamps in new construction deals. This means that as you prepare to close on your brand-new home, it’s crucial to budget for this additional expense.

Closing Date

In new construction contracts in Parrish, FL, the closing date is usually determined by the builder and their timeline. In contrast, resale properties in the area typically have a more defined closing date that both parties agree on, often within 30 to 60 days of signing the purchase agreement.

The Fine Print in Parrish, FL Builder Contracts

Builder contracts in Parrish, Florida, are way more detailed than your average real estate purchase agreement. These contracts cover a ton of important details! They lay out all the options for your new home, from floor plans to finishes. You’ll find clear timelines for making changes, so you know when to make those big decisions. Plus, they specify the expected timeframe for building your home, so you can get a better idea of when you’ll be moving in.

These contracts also outline how you’ll communicate with the builder, including scheduled meetings and site visits. You’ll definitely want to check in regularly to see how your home is coming along! The plans and drawings will show you what your home will look like, while the materials section breaks down what’s being used in construction.

And don’t forget about warranties! Builder contracts usually include details about warranties, so you’re covered if any issues pop up after closing. With all these moving parts, it’s clear that builder contracts are designed to protect both you and the builder. So, it’s super important to read them carefully and understand every detail before you sign on the dotted line.

Final Thoughts

When it comes to buying new construction homes in Parrish, FL, being informed and proactive is key. Builder contracts are full of important details, so it’s essential to understand what you’re signing. Don’t be afraid to ask questions and stay involved throughout the building process.

If you need guidance or have any questions, We are here to help at Keys to the Coast Real Estate.  We can assist you in navigating the new home construction process in Parrish, FL, ensuring a smooth and confident home buying experience.

Don’t forget to check out our buyers page, where we go over all the top buyer concerns for homes in Parrish, FL!