The New Home Purchase Agreement serves as the primary contract between a buyer and builder/seller for new residential construction in the United States. This document is essential when purchasing a home that hasn't been built yet or is under construction. It includes detailed specifications for the construction, payment schedules, completion timelines, and warranties. The agreement must comply with federal regulations such as ILSA and RESPA, as well as state-specific real estate and construction laws. Unlike standard real estate purchase agreements, this document includes additional provisions for construction specifications, builder warranties, and completion timelines.
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1. Parties: Identification of buyer and seller/builder with full legal names and addresses
2. Background: Context of the transaction and brief description of the property to be constructed/sold
3. Definitions: Key terms used throughout the agreement
4. Property Details: Legal description of the property and specifications of the home to be built
5. Purchase Price: Total price, payment schedule, and deposit requirements
6. Construction Specifications: Detailed requirements for construction, materials, and finishes
7. Timeline: Construction schedule, completion date, and closing requirements
8. Warranties: Builder's warranties and limitations
9. Default and Remedies: Consequences of breach and available remedies
1. HOA Provisions: Required if property is part of a homeowners association - includes HOA rules, fees, and requirements
2. Environmental Provisions: Special environmental requirements or restrictions applicable to the property
3. Financing Contingencies: Conditions related to buyer obtaining financing and mortgage requirements
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Construction Specifications: Detailed plans, materials list, and finish specifications
3. Schedule C - Payment Schedule: Detailed breakdown of payment milestones
4. Schedule D - Required Disclosures: State-mandated property and construction disclosures
5. Appendix 1 - Floor Plans: Architectural drawings and floor plans
6. Appendix 2 - Site Plan: Property layout and positioning
7. Appendix 3 - Warranties: Detailed warranty terms and conditions
Relevant legal definitions
Agreement
Property
Purchase Price
Buyer
Seller
Builder
Completion Date
Closing Date
Deposit
Construction Documents
Specifications
Building Plans
Change Order
Force Majeure
Material Breach
Substantial Completion
Certificate of Occupancy
Warranty Period
Builder's Warranty
Construction Standards
Permitted Delays
Final Inspection
Punch List
Title Company
Escrow Agent
Settlement Statement
Building Permit
Fixtures
Upgrades
Default
Earnest Money
Construction Schedule
Building Code
Work
Materials
Contract Documents
Final Payment
Progress Payments
Construction Lender
Workmanship
Property
Purchase Price
Buyer
Seller
Builder
Completion Date
Closing Date
Deposit
Construction Documents
Specifications
Building Plans
Change Order
Force Majeure
Material Breach
Substantial Completion
Certificate of Occupancy
Warranty Period
Builder's Warranty
Construction Standards
Permitted Delays
Final Inspection
Punch List
Title Company
Escrow Agent
Settlement Statement
Building Permit
Fixtures
Upgrades
Default
Earnest Money
Construction Schedule
Building Code
Work
Materials
Contract Documents
Final Payment
Progress Payments
Construction Lender
Workmanship
Clauses
Property Description
Purchase Price and Payment
Construction Specifications
Timeline and Completion
Warranties and Representations
Inspection Rights
Title and Ownership
Default and Remedies
Force Majeure
Change Orders
Insurance Requirements
Deposit and Escrow
Closing Conditions
Construction Standards
Permits and Approvals
Materials and Workmanship
Site Access
Utilities and Services
Assignment and Transfer
Dispute Resolution
Termination
Notices
Indemnification
Environmental Compliance
Property Rights
Governing Law
Amendments
Survival
Severability
Entire Agreement
Purchase Price and Payment
Construction Specifications
Timeline and Completion
Warranties and Representations
Inspection Rights
Title and Ownership
Default and Remedies
Force Majeure
Change Orders
Insurance Requirements
Deposit and Escrow
Closing Conditions
Construction Standards
Permits and Approvals
Materials and Workmanship
Site Access
Utilities and Services
Assignment and Transfer
Dispute Resolution
Termination
Notices
Indemnification
Environmental Compliance
Property Rights
Governing Law
Amendments
Survival
Severability
Entire Agreement
Relevant Industries
Relevant Teams
Relevant Roles
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