Buying a new home or condominium Unit can be a challenging process. Buying a new home or condominium Unit that is not yet built and only exists on paper is even more daunting. Below are some helpful tips to navigate a new construction purchase. Research the Builder To a certain degree, a Buyer is going into business with the builder. The Builder will determine the design and workmanship of the new property. The Builder also controls the timeline of the process. The Buyer will want to check the Builder’s reputation, [...] more

Many lenders are now requiring that in older buildings, Condominium Association’s carry “Ordinance of Law” insurance coverage. Failure to obtain the coverage can delay or imperil a closing. Ordinance or Law coverage is extra coverage that pertains to the added cost of rebuilding, by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded electrical, heating ventilating, HVAC and plumbing based on city codes. The lowest limit available is $25,000. There is typically an additional premium to add to the existing coverage. Since it is [...] more