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This session will increase the knowledge and understanding of real estate agents of residential new construction. The process of new construction will be reviewed from the approval process through construction. This program should give the agent information to better assist both the builder and purchaser of new construction.
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Residential New ConstructionRE46R05
Jody O’Brien
What is New Construction
Unimproved landSubdivisionSingle Lot
Residential Use of Land
Single Family
CondominiumOver 55
Cluster
Agents Role Estimating number of sites
Estimating Costs
Financing
Factors Limiting Development
Zoning
Lot Size
Frontage
Grandfathering
Factors Limiting Development
Environmental
Wet lands
River Protection
21 E
Factors Limiting Development
Infrastructure
Sidewalks
Traffic Lights
Traffic Patterns
Municipal Services
Approval Process
Planning BoardPreliminary PlansDefinitive Plans
Subdivision Control LawChapter 41 M.G.L.
Poll
Planning Board/Board of AppealsOversees the provisions of the Subdivision
Control Law Adequate access to all of the lots in a
subdivision in a safe and convenient means Lessening congestion adjacent to public
ways Reducing danger to life & limb in the
operation of a motor vehicle Securing safety in the case of fire, flood,
panic and other emergencies
Insuring compliance with the applicable zoning ordinances or by-laws
Securing adequate provisions for water, sewerage and drainage
Coordinating the streets in a subdivision with each other and the public streets
Conservation
Notice of Intent
Order of Conditions
Certificate of Compliance
Types of Builders
“Spec” Builders
Custom/Contract Builders
Menu Builders
Contractual Relationships
Exclusive Right to Sell Exclusive Agency Open Listing
Financing
Builder
Buyer
Financing Fannie Mae Guidelines for New
Construction Condo70% of new project (construction or
conversion)pre-sold20% max non-residential space
FHA Guidelines for New Construction Condo50% pre sold25% max non-residential
Paper Trail
Building Specifications
Builder Warranty
Restrictive Covenants
Reservations
Paper Trail ContractsDeposit monies
Change Orders
Restricting Access
Punch List and Final Walk-thru
ClosingCertificate of Occupancy
Smokes and CO2
Jody O’BrienThe RE/Education Company
Committed to Professionalism in Real Estate through Education
Blogwww.reeducator.wordpress.comPresentationwww.slideshare.net/ReEducationCompanySocial Mediawww.twitter.com/reeducatorwww.youtube.com/msreeducatorwww.facebook.com/reeducatorwww.linkedin.com/in/reeductor
Thank you for attending
