The New Home Sales Contract serves as the primary legal instrument for transactions involving newly constructed residential properties in the United States. This document is essential when a builder or developer is selling a home that is either under construction or yet to be built. It differs from standard real estate contracts by including construction-specific elements such as build specifications, completion schedules, and builder warranties. The contract must comply with both federal regulations (such as ILSFDA and RESPA) and state-specific requirements for real estate and construction. It provides protection for both the buyer and builder while establishing clear expectations for the construction and sale process.
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1. Parties: Identification of buyer and seller/builder with full legal names and addresses
2. Background: Context of the sale, including property details and purpose of agreement
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property and construction specifications
5. Purchase Price: Total price and payment schedule, including deposits and installments
6. Construction Timeline: Expected completion dates and milestone schedules
7. Warranties: Builder's warranties and guarantees on construction
8. Closing Provisions: Requirements and procedures for closing the sale
1. Financing Contingency: Terms related to buyer's financing requirements - use when buyer requires mortgage financing
2. HOA Provisions: Homeowners Association rules and requirements - use when property is part of an HOA
3. Customization Options: Provisions for buyer-selected modifications - use when allowing custom features or upgrades
1. Schedule A - Construction Specifications: Detailed building plans and materials specifications
2. Schedule B - Site Plan: Property layout and positioning
3. Schedule C - Standard Features: List of included features and finishes
4. Schedule D - Optional Upgrades: Available upgrades and their pricing
5. Schedule E - Construction Timeline: Detailed construction schedule with milestones
6. Appendix 1 - Required Disclosures: State-mandated property and construction disclosures
7. Appendix 2 - Warranty Documentation: Detailed warranty terms and conditions
Relevant legal definitions
Agreement
Buyer
Builder
Property
Purchase Price
Closing Date
Closing
Completion Date
Construction Documents
Construction Schedule
Deposit
Effective Date
Final Inspection
Force Majeure
Limited Warranty
Material Change
Notice
Plans and Specifications
Punch List
Settlement Statement
Site
Substantial Completion
Title Company
Upgrades
Walk-Through Inspection
Warranty Period
Work
Change Order
Building Permit
Certificate of Occupancy
Default
Escrow Agent
HOA Documents
Lender
Mortgage
Selection Sheet
Standard Features
Buyer
Builder
Property
Purchase Price
Closing Date
Closing
Completion Date
Construction Documents
Construction Schedule
Deposit
Effective Date
Final Inspection
Force Majeure
Limited Warranty
Material Change
Notice
Plans and Specifications
Punch List
Settlement Statement
Site
Substantial Completion
Title Company
Upgrades
Walk-Through Inspection
Warranty Period
Work
Change Order
Building Permit
Certificate of Occupancy
Default
Escrow Agent
HOA Documents
Lender
Mortgage
Selection Sheet
Standard Features
Clauses
Purchase and Sale
Payment Terms
Construction Specifications
Construction Timeline
Warranties
Inspections
Title and Closing
Default and Remedies
Change Orders
Force Majeure
Insurance
Dispute Resolution
Assignment
Notices
Termination
Property Access
Buyer Selections
Builder Obligations
Deposit and Escrow
Financing Contingency
Utilities and Services
Site Conditions
Permits and Approvals
HOA Provisions
Environmental Compliance
Representations and Warranties
Survival
Governing Law
Severability
Indemnification
Buyer Default
Builder Default
Completion and Delivery
Payment Terms
Construction Specifications
Construction Timeline
Warranties
Inspections
Title and Closing
Default and Remedies
Change Orders
Force Majeure
Insurance
Dispute Resolution
Assignment
Notices
Termination
Property Access
Buyer Selections
Builder Obligations
Deposit and Escrow
Financing Contingency
Utilities and Services
Site Conditions
Permits and Approvals
HOA Provisions
Environmental Compliance
Representations and Warranties
Survival
Governing Law
Severability
Indemnification
Buyer Default
Builder Default
Completion and Delivery
Relevant Industries
Relevant Teams
Relevant Roles
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