Tips To Avoid Disaster On Buying Your First Building
By: Max Gross
February 26, 2009
You should always do your homework before you buy new construction. For example, you might
want to avoid a developer’s first building.
“No virgins,” says real estate attorney Adam Leitman Bailey.
But once the die is cast, and you find yourself in a building from hell, here are some things you can do to help yourself:
* “Before you close on a property, have a licensed engineer look at the place,” says Bailey. “And get the sponsor to make repairs before closing.”
* Make contact with other buyers. This can be done by looking at the amendments the developer sends out, which often have every purchaser’s name. Find them on Google or Facebook. The more people who are
unhappy, the stronger your claim. And other buyers might know about issues you haven’t noticed.
* “Visit other buildings of the developer,” says Bailey. This is something you should do before you buy, but if you didn’t, you can at least see if there are disgruntled buyers in other buildings who might tell you how they dealt with the developer.
* Do not close just because the developer says you have to. You are entitled to a unit that is habitable.