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New Construction Purchase Agreement

New Construction Purchase Agreement Template for United States

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Key Requirements PROMPT example:

New Construction Purchase Agreement

"I need a New Construction Purchase Agreement for a luxury residential development in Florida, where the buyer requires specific high-end finishes and custom modifications, with construction to begin in March 2025 and completion scheduled for December 2025."

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Document background
The New Construction Purchase Agreement serves as the primary contract document when purchasing a property that has yet to be built or is currently under construction in the United States. This agreement is essential for protecting both the builder's and buyer's interests throughout the construction and purchase process. Unlike standard real estate purchase agreements, this document includes detailed construction specifications, timelines, and warranties. It must comply with federal regulations such as the Interstate Land Sales Full Disclosure Act, as well as state-specific construction and real estate laws. The agreement typically includes provisions for construction quality, materials specifications, completion deadlines, inspection rights, and warranty terms.
Suggested Sections

1. Parties: Identification of builder/seller and buyer with full legal names and addresses

2. Background: Context of the agreement including property description and construction intent

3. Definitions: Key terms used throughout the agreement

4. Purchase Price and Payment Terms: Total price, deposit requirements, and payment schedule

5. Construction Specifications: Detailed description of construction work, materials, and standards

6. Construction Timeline: Expected start and completion dates, milestones

7. Inspection Rights: Buyer's rights to inspect during construction and at completion

8. Warranties: Builder's warranties on construction and materials

9. Default and Remedies: Consequences of default by either party and available remedies

10. Closing and Transfer of Title: Requirements and procedures for closing the sale and transferring property title

Optional Sections

1. Financing Contingency: Terms related to buyer's financing requirements and conditions for mortgage approval

2. Customization Options: Provisions for buyer modifications to standard plans and associated costs

3. HOA Provisions: Terms related to homeowners association membership, fees, and compliance requirements

4. Environmental Provisions: Special terms relating to environmental requirements and compliance

5. Force Majeure: Provisions for unforeseen circumstances affecting construction timeline

Suggested Schedules

1. Schedule A - Property Description: Legal description of the property and lot details

2. Schedule B - Construction Specifications: Detailed construction plans and materials specifications

3. Schedule C - Floor Plans and Elevations: Architectural drawings and plans

4. Schedule D - Fixtures and Finishes: Detailed list of included fixtures, fittings, and finishes

5. Schedule E - Construction Timeline: Detailed construction schedule with milestones

6. Schedule F - Warranty Terms: Detailed warranty provisions and procedures

7. Schedule G - Payment Schedule: Detailed breakdown of payment stages and amounts

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Interstate Land Sales Full Disclosure Act (ILSA): Federal law requiring developers to register subdivisions and provide detailed disclosures to buyers of undeveloped lots

Truth in Lending Act (TILA): Federal regulation requiring lenders to provide standardized disclosures about credit terms and costs

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and prohibiting kickbacks in real estate transactions

Fair Housing Act: Federal law prohibiting discrimination in housing transactions based on protected characteristics

Americans with Disabilities Act: Federal law requiring certain accessibility standards in construction and design

Federal Construction Safety Standards: OSHA and other federal safety requirements for construction projects

State Property Laws: State-specific regulations governing real property rights, transfers, and obligations

State Real Estate Laws: State-specific requirements for real estate transactions and licensing

State Construction Lien Laws: State-specific regulations protecting contractors' and suppliers' rights to payment

State Consumer Protection Laws: State-specific regulations protecting homebuyers from unfair or deceptive practices

State Building Codes: State-specific construction and safety standards for building projects

State Contractor Licensing Requirements: State-specific regulations for contractor qualifications and licensing

Local Building Codes: Municipal or county-specific construction requirements and standards

Zoning Ordinances: Local regulations governing land use and development restrictions

Municipal Construction Requirements: City-specific construction regulations and permit processes

Standard Construction Specifications: Industry-standard guidelines for construction methods and materials

Building Industry Association Guidelines: Best practices and standards established by professional building associations

EPA Regulations: Federal environmental protection requirements affecting construction projects

State Environmental Laws: State-specific environmental protection requirements and restrictions

Energy Efficiency Standards: Federal and state requirements for energy conservation in new construction

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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