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Closing on new home

Posted by lee1961 (My Page) on
Wed, Sep 8, 10 at 21:29

Hi everyone, I am new here, but I have a couple of questions, that I did not find on the forums.
We hopefully will be closing on our new home by the end of the month. We are trying to do it ourselves. We own the property, we used our plans, and we were there for EVERY step of the process, from dirt, to finish, so we know everything was done to our specs, and with our approval. We are not financing, we pay as we go. Now that we are getting close to the end, what paperwork should we be asking for other than the certificate of occupancy, and the warranties. All details of the spending is in the contract. There won't be any change orders. I am thinking about getting an inspection, but like I said, I watched it all go together myself. Everything is new, so basic warranties go with that, and we will have a minimum of one year on all warranties.
I will probably get an appraisal..
What other things am I missing.

Thanks in advance

Lee


Follow-Up Postings:

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RE: Closing on new home

"What other things am I missing." A good RE lawyer.

Watching it go together yourself (did you get permits for everything necessary?) does not mean everything's perfect unless you're certified as a plumber, electrician and carpenter yourself, and you could end up with a huge amount of trouble not being qualified to judge not whether your followed your plans, but whether or not the final product as a whole in fact is problem free - theory is one thing, reality another :-). I didn't know you could warranty yourself in any case. But there will be other issues apart from that anyhow, whether land surveying, materials meeting code everywhere, whatever your more local laws call for otherwise and you really need to not skimp on the final stuff... one sit down with a good lawyer will be worthwhile in the end.


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RE: Closing on new home

A 'closing' is for the transfer of title to the land the house sits on.

Who owns the lot?


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RE: Closing on new home

If you already own the property and aren't taking out a mortgage, then there is no "closing."

Are you talking about what you should ask for before making your final payment to your general contractor?


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RE: Closing on new home

Of course we have all the permits, of course we have had all the inspections. Everything meets Code. I am not warrantying anything. The GC is the one that extends the warranty. These are my plans, and I know exactly, if they are followed.. To the inch.
I don't have to worry about surveys. Property has been in the family for 50yrs. All deeds have been surveyed, and finalized.
Bill,
You are the one that hit the nail on the head,,What paperwork should I be looking for.

Thanks


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RE: Closing on new home

There really isn't much of a transaction left. If everything was permitted and inspected already and you have the certificate of occupancy, you've got yourself a house. The only sticking point in final payment should be that everything is done to your satisfaction. That would typically include a walk through where you make a punch list of any small items that need to be completed. Once those are completed, you can hand your GC a check and thank him for a job well done.

When you are dealing with your own land and your own cash, all of the legal stuff is basically done up front in permits and inspections. If you handled that properly, the rest is just a matter of verifying the GC did the job you are paying him for.


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RE: Closing on new home

Thank You..That is what I thought, but wanted a second opinion..If anyone cares to look, here is the link to our large process..Lots of photos.
http://s254.photobucket.com/albums/hh86/bwxmas/House/?start=all


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RE: Closing on new home

I would get a document of some sort that says that the contractor is accepting the final payment in full & that he has no right to any additional payment.

& I'd get an attorney to draw this up.


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RE: Closing on new home

I would get the contractor and his subs to sign lien releases so they cant't come back and file a lien against your property for non payment. This could happen if your GC didn't pay a sub.


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RE: Closing on new home

I will be getting all releases, and warranty paperwork, along with compaction tests, and inspection reports before final payment


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RE: Closing on new home

Lee, sorry to have been so redundant... it would have been nice if you had initially mentioned the things that all came with "of course"s in your first note - I was trying to help.


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RE: Closing on new home

No problem, I was in a hurry when typing, and left out pertinent info. All that matters is I got the info I needed, and have a bit more info in my holster when needed..I had doubts that people on this forum, or any public forum would go through that much effort, and post for all to see that he did not have all the permits needed by city, county, or state. Kinda digging yourself a grave so to speak.

Anyway, I appreciate the repsonses


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