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What Is a New Home Punch List? North Carolina

A new home punch list shows the builder what the homebuyer expects completed prior to closing.

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Jacksonville, NC

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First Mortgage Source
(919) 401-9474
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Durham, NC

Southgroup Mortgage LLC
(704) 362-3177
120 Greenwich Rd.
Charlotte, NC

Alpha Mortgage Corporation
(704) 366-1225
2700 Coltsgate Rd
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Wells Fargo Reverse Mortgage
704-896-1517
19520 West Catawba Ave
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Part of the final phase of building a new home is to go over your “punch list.” A punch list is a list created at the end of construction that shows what needs to still be done or what needs to be repaired on the new construction. The homebuyer and the contractor create this list.

Creating a punch list
Probably in the week before closing, you’ll have to walk through your new home to create the punch list. If you’re using a real estate agent, s/he can accompany you. This is a good idea since your agent is not emotionally attached to the project and may have a better eye for identifying flaws. A representative for the builder also comes along for this process.

During this walk through, you look for anything in your new home that is damaged or was not done according to the contract. Damage is inevitable during new home construction. The sink may have a ding or the floors may have popped up in a couple of places. There may be thin spots in the paint on the walls or paint splattered on the door. Add any problems like these to your punch list for the builder to correct. After you make the list, the representative of the builder signs it and it becomes a binding contract.

Identifying types of flaws
When creating a punch list for your new home, keep in mind that problems typically fall into two categories: reasonable flaws and unreasonable flaws. Reasonable flaws are flaws that fall within the tolerances of building construction (or insignificant flaws that generally do not affect the quality of the new home). On the other hand, unreasonable flaws are flaws that have to be fixed. These problems do affect the quality of the home. Once any unreasonable flaws are corrected in your new home, this is called substantial completion, which means the new home is livable and can be occupied.

Going over the punch list
Before closing on your new home, you’ll have one final walk through to verify that the items on your punch list were fixed. As long as the new home has reached the point of substantial completion, you should be able to proceed with closing even if everything was not completed. You can put the money in escrow pending the completion of the punch list. This enables you to move into your new home while still requiring the builder to tie up the loose ends.

The punch list marks an exciting time in the process of building your new home. Your home is almost completed! However, don’t get so excited that the move-in date is near that you breeze through the punch list. Take it seriously so that you do not regret neglecting to have problems fixed in your new home.

Published on February 15, 2007

Read full article at realestate.com

Featured Local Company

1st Capital Mortgage Corp

336-299-9995
7 Oak Branch Dr
Greensboro, NC

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