New Construction Resale

I’m looking into buying a condo from the first owner in a new development.   He has only been the place for a couple of months.  Question – does the builder’s warranty transfer with the property?  Is it more difficult to get the developer to fix something that comes up in the first year if you are the second owner?  Any other pitfalls that I should consider?

Thanks in advance!

daleed77

in Real Estate - Sales 13 years and 10 months ago

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bkmatthew | 13 years and 10 months ago

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All construction was once new. The warranties do not generally transfer, but you need to check on the specifics of this development – talk to your lawyer. Check the HPD’s website for any violations, carefully look around the building for any obvious things like leaks and cracks. Check board minutes if the board has been convened. Above all get an independent building inspection. I live in a new building and we’ve had a couple of sales, all motivated by changed family financial circumstances.

gregg21 | 13 years and 10 months ago

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I may second DIBS’ answer

daveinbedstuy | 13 years and 10 months ago

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Don’t buy into new construction