Over on the Brownstoner forum, the potential buyer of an almost-new
condo wants to know if the fact that the first owner is selling after just a couple of months raises any issues: “[D]oes 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?”
advise against buying into any new construction, period, while a third points out that
“all construction was once new,” and that new properties are sometimes
flipped for reasons that have nothing to do with the property itself: "I live in a new
building and we've had a couple of sales, all motivated by changed family
That's not to say caveat emptor doesn't apply. "Check the HPD's website for any violations, carefully look around the building for any obvious things like leaks and cracks," the commenter advises. "Check board minutes if the board has been convened. Above all get an independent building inspection."
As for those warranties? "They do not generally transfer, but you need to check on the specifics of this development - talk to your lawyer."
BrickUnderground double-checked with Manhattan closing attorney Rachel Mulcahy, who concurs with the advice above, but noted that “some of the appliance warranties, etc., might transfer
because they are specific to the equipment,” she says. “I would also
advise the purchaser to look into the developer’s reputation.”
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