The documentation a home builder provides a homeowner at closing has the potential to make or break their business. It’s what stands between their business and a lawsuit should a homeowner decide to come after them for defects found in their home. With that said, it’s important for home builders to be confident that the documentation they’re providing homeowners at closing is protecting their business.
Test your knowledge with this quick Purchase/Sales Agreement Q&A to see if you’re adequately protecting your business:
The Purchase / Sales Agreement I provide to my home buyer is a:
a. Standardized form from my real estate agent.
b. Standardized form from the Home Builder’s Association.
c. Document that was created by my attorney.
d. Document reviewed by my attorney at least once a year.
What this means to you is:
a. The Purchase/Sales Agreement is protecting the real estate agent not you.
b. Better, but it needs to be customized per your specific business practices.
c. Best, as it is likely the NAHB contract was used and customized for you.
d. Absolute necessity, as often as needed for your protection!