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Before you sign or pay a deposit on a newly built apartment, make the builder answer seven things in writing: exactly what ownership you receive, what is included, how your money is protected, whether you can use an independent inspector, which approvals are complete, what the warranty covers, and what the building will cost to run. Also compare the closing and mortgage arrangements with independent alternatives. This guide uses U.S. consumer guidance as a framework; condominium, cooperative, leasehold, permit, escrow and inspection rules differ by state and locality, so your contract and local building authority control the final answer.
1. What exactly am I buying?
“New apartment” can describe a condominium unit, a cooperative share, a leasehold interest or another form of ownership. Those structures give you different rights to land, common areas, financing and resale. Ask the builder to identify the legal interest in precise terms and have the description checked against the contract and the deed or equivalent document.
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Confirm the legal interest and physical rights
- What legal form of ownership will be transferred at closing?
- What unit number, floor area, boundaries and percentage interest in common property will appear in the documents?
- Do parking spaces, storage rooms, balconies, terraces, gardens or roof areas belong to the unit, come with an exclusive-use right, or remain common property?
- What rights attach to shared entrances, elevators, corridors, mechanical rooms, recreational facilities and visitor parking?
- Are there easements, access rights, ground leases, development phases or air-rights arrangements that affect use or resale?
Do not rely on a floor plan alone. Ask for the final plan, schedule of areas and legal description that will be incorporated into the purchase documents. If the project is a cooperative or leasehold, ask who owns the underlying land, how shares or leases are transferred, and which approvals are needed for a future sale or refinance.
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Request one signed schedule listing every appliance, fixture, finish and amenity included in the price. It should identify brands or performance standards where they matter, model or finish allowances, energy equipment, windows, doors, flooring, cabinetry, lighting, heating and cooling equipment, and any parking or storage allocation. Ask whether landscaping, lobby furniture, gym equipment, security systems, internet infrastructure and mail facilities are included or supplied later through the association.
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Ask whether the builder can substitute materials, fixtures or appliances. If so, the contract should state the permitted reason, the minimum quality or performance standard, whether you receive advance written notice and whether a price adjustment or approval right applies. A general clause allowing “equivalent” substitutions can be difficult to evaluate; ask the builder to define equivalent in measurable terms such as capacity, efficiency, warranty and finish.
Separate sales representations from contractual promises
Circle every promise made in the sales office, model apartment, brochure, specification sheet, rendering or email. Ask which of those statements will be attached to and incorporated into the signed agreement. A staged model may show upgrades, furniture or landscaping that are not part of the base unit. Ask for a marked-up list of exclusions and for a written statement of what will be delivered at handover, in a later phase or not at all.
Also request a schedule of recurring association, service and shared-building charges, with a description of what each charge funds. A low introductory figure may exclude insurance, utilities, concierge services, parking, amenity access or reserve contributions.
2. What happens to my money if the project is delayed or cancelled?
Deposit protection is a contract question, not a verbal assurance. Before paying, map every payment, the person or entity holding it, the conditions for release and the consequences of delay or cancellation.
Build a payment and escrow schedule
- How much is due at signing, at construction milestones and at closing?
- Is each payment held by the builder, a project account, a title or escrow company, or another independent third party?
- Can the funds be commingled with operating money, and who earns interest?
- What written receipt or statement will confirm the amount held?
- What happens if a lender requires a different payment schedule?
Some federal disclosure and escrow protections apply only to defined types of land sales and are not universal apartment-sale rules. Ask a local attorney or settlement professional whether any state, federal or project-specific escrow requirement applies to your transaction. Treat money as protected only when the contract and the payment arrangement say how it is protected.
Define refund triggers and deductions
Ask for exact events that permit a refund, the deadline for requesting it and the date by which the money must be returned. Possible triggers may include the builder missing a contractual completion date, making a material plan change, failing to obtain required approvals, being unable to deliver the specified unit, or your financing being unavailable despite satisfying stated conditions. Ask which costs can be deducted, such as taxes, administrative fees, exchange-rate losses or documented third-party expenses.
Do not accept “your deposit is refundable” without a clause identifying the trigger, notice method, refund amount, payment deadline and responsible payor. Ask what happens if the builder offers a substitute unit or a revised specification instead of a refund, and whether you may reject that change without penalty.
Address delay, force majeure and financing deadlines
Identify the contractual completion date, any extension period and the events that qualify as an extension. Ask whether you receive regular construction updates and how much notice the builder must give before a revised handover date. Find out whether you can cancel, claim a defined remedy or recover documented temporary-housing costs if the extension is exceeded.
Ask when you must obtain a mortgage commitment and what happens to the deposit if a lender declines the loan, changes the valuation or imposes conditions you cannot meet. A financing contingency is useful only if the contract states the application deadline, evidence required, notice procedure and resulting refund or termination right.
3. Can I hire my own inspector?
New construction is not automatically defect-free. Ask for permission to use an independent, properly qualified inspector and clarify access before committing.
Set inspection access and timing
- May an inspector examine the apartment and relevant common areas before closing or handover?
- Can inspections occur at more than one construction stage, such as pre-drywall, pre-finish and pre-handover, where safe and permitted?
- What notice, insurance, safety training and scheduling rules apply to the inspector?
- Will the builder provide plans, specifications and test results needed to interpret findings?
Construction access can be restricted for safety or sequencing reasons, so obtain the permitted stages in writing. Check the inspector’s references and the licensing requirements of your state or county; those rules differ by jurisdiction.
Make inspection protection contractual
Ask whether the purchase is contingent on a satisfactory inspection and what “satisfactory” means. The clause should state the inspection period, the deadline for delivering a report, the builder’s response time, your right to request repairs or a credit, and whether you may cancel without penalty if the result is unacceptable. Without the contingency language, a general right to inspect may not give you a cancellation right.
Ask who decides whether a defect is material, whether concealed conditions discovered later are treated differently and whether an unresolved safety or code issue prevents closing. A local adviser can explain how these provisions interact with state contract law.
Use a documented punch-list and reinspection
Require a written handover or punch-list procedure. It should identify each item, the person responsible, the target completion date and the method for verifying the repair. Ask whether you may reinspect before acceptance, retain a stated amount until critical items are complete, or record unresolved work in a signed schedule attached to the closing documents. Photograph conditions, keep dated reports and do not sign an acknowledgment that says all work is complete when listed items remain.
4. Which permits and completion records can I see?
Ask the builder and the local building department which approvals apply to the project. Requirements vary, but a buyer should be able to identify the permits, inspections and occupancy approval that support lawful use.
Request the project record
- Which building, electrical, plumbing, mechanical, fire, elevator and environmental permits were issued?
- Which required inspections are complete, and are any open corrections or stop-work notices outstanding?
- Has the authority issued a final certificate of occupancy, completion certificate or local equivalent for the building and your unit?
- Are any approvals temporary, conditional or limited to part of the project?
- Are shared areas, parking, elevators and promised amenities approved for use?
Building-permit and final-occupancy records are also reviewed in some government-backed condominium approval processes, but that financing context does not define every locality’s procedure. Ask the authority having jurisdiction, or have your professional adviser obtain and interpret the records.
Tie unfinished work to an enforceable commitment
If landscaping, a pool, a gym, a second tower or other shared amenity is unfinished, ask whether it is legally promised, when it must be completed and who pays if the scope changes. Renderings and marketing language are not a substitute for an enforceable specification, completion date or remedy. Ask whether your unit can be occupied while common works remain incomplete and what noise, access or service interruptions are expected.
5. What does the builder warranty cover?
Ask for the complete warranty before signing, including schedules, exclusions, claim forms and dispute provisions. A builder warranty is different from a paid home-warranty or service contract: the former commonly comes with new construction, while the latter is a separate product with its own fee and terms.
Identify the provider, term and component coverage
- Is the warranty provided directly by the builder or by an independent warranty company?
- When does coverage start: contract signing, substantial completion, handover or first occupation?
- What terms apply to workmanship, materials, structure, plumbing, electrical systems and heating, ventilation and air conditioning?
- Are common elements covered separately from the private unit?
- Does a transfer to a later owner preserve the remaining coverage?
The Federal Trade Commission describes common patterns of one-year workmanship and materials coverage, two-year coverage for some systems such as plumbing, electrical and HVAC, and longer structural coverage that may reach ten years with some builders. Those are examples of market patterns, not a promise about your apartment; only the written warranty controls.
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Read exclusions and interaction with manufacturer warranties
Ask whether the warranty excludes cosmetic marks, normal movement, condensation, maintenance items, owner alterations, damage caused by misuse, consequential costs, temporary accommodation or appliances. Determine which components are covered only by the manufacturer and obtain the registration details, serial numbers and warranty documents for each appliance and system.
Find out whether maintenance records, approved contractors or specified cleaning products are conditions of coverage. Ask who pays for opening walls, testing a suspected defect, removing finishes and restoring them when the claim is accepted or rejected.
Know the claim and dispute process
Ask how to report a defect, whether notice must be in writing, the reporting deadline and the address or portal to use. Keep copies of the request, photographs, inspection reports, responses and dates of every conversation. The FTC advises following the warranty’s filing instructions and retaining correspondence. Ask whether you must allow the builder an opportunity to inspect and repair before hiring another contractor.
Check for mandatory mediation or arbitration, notice periods and limits on court actions. Ask whether unresolved common-area defects must be submitted by the association rather than by an individual owner.
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6. What will the shared building cost and who maintains it?
Your monthly or quarterly charge is only one part of ownership cost. Obtain the association or service documents before committing and compare the budget with the services promised.
Examine dues, reserves and future assessments
- What is the current charge, when is it payable and how can it change?
- What do dues cover: insurance, utilities, concierge staff, elevators, cleaning, landscaping, security, amenities and reserve contributions?
- What reserve balance, opening budget and projected major repairs are disclosed?
- Are developer-subsidized introductory charges scheduled to end?
- Can the association levy special assessments, and are any already planned or discussed?
A condominium association commonly manages shared structures and costs, but generic descriptions cannot establish the financial health or rules of a particular project. Request the declaration, bylaws, rules, budget, reserve information, insurance summary, meeting minutes and any developer turnover documents that are available for review.
Assign maintenance responsibility line by line
Ask who repairs the roof, exterior walls, windows, balconies, foundations, elevators, shared plumbing and wiring, parking structures, landscaping and amenities. Confirm where responsibility changes at the unit boundary: a leak may originate in a common pipe but damage private finishes. Ask who pays the deductible for an insured loss and who arranges emergency access.
Review rules that affect your plans
Check restrictions on renovations, flooring, pets, smoking, short-term or long-term renting, subletting, occupancy, parking, storage, deliveries, satellite equipment and use of shared spaces. Ask whether approval is required before moving in or altering a wall, balcony or mechanical system. Obtain any phased-development or construction rules that may continue after your handover.
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Closing documents should match the deal you negotiated. Ask for drafts early enough to compare them with the contract, specifications and prior disclosures.
Verify the title and unit description
- What deed or equivalent document will be delivered, and does it describe the same unit, parking and storage rights?
- What easements, covenants, restrictions, ground leases or development rights will remain on title?
- Who will search the title, and how will liens or unpaid project charges be cleared before closing?
- Should you obtain an owner’s title-insurance policy, and what exceptions will it leave in place?
Title-insurance and settlement providers can often be selected by the buyer, although procedures vary by state. Ask for the proposed title commitment or equivalent report and have a qualified adviser explain exceptions that affect access, use, parking or future construction.
Compare closing services and itemized fees
Request an itemized estimate showing title work, escrow, recording, transfer taxes, association charges, utility deposits, document fees and any builder-required services. Ask which providers are mandatory and which you may choose. Confirm who holds funds, the conditions for release and the process for correcting a closing statement that differs from the estimate.
Set a document-review and closing timeline
Ask when you will receive the final deed, settlement statement, warranty, appliance manuals, occupancy approval, association documents, keys and access credentials. The contract should state the closing deadline and what must be complete before funds are released. Compare every material term with the signed agreement; if a document differs, pause and obtain a written explanation or corrected document before signing.
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Builders often have an affiliated lender, but U.S. consumer guidance says a buyer is not required to use that lender merely because it is associated with the project. Ask for the complete loan terms, including interest rate, annual percentage rate, points, lender credits, mortgage insurance, rate-lock period, prepayment terms and cash needed at closing.
Obtain competing offers on the same loan amount and term. Compare the total cost over the period you expect to keep the loan, not just the advertised rate. Ask whether a builder incentive is forfeited if you choose another lender and whether the incentive is worth any higher rate or fees. Confirm the financing-approval deadline in the purchase contract and the evidence needed to preserve your rights if underwriting is delayed.
Use one written scorecard to compare apartments or builders
When evaluating two projects, collect the same documents and score the same criteria. A low price cannot compensate for an undefined specification, exposed deposit or unmanageable building budget.
| Comparison area | Questions to record for every project |
|---|---|
| Contract certainty | Are inclusions, substitution standards, completion date, delay remedies and exit terms specific and incorporated? |
| Deposit risk | How much is paid, who holds it, what events trigger a refund, when is it returned and what deductions are allowed? |
| Inspection and correction | Can an independent inspector enter, is there a financing and inspection contingency, and how are repairs verified? |
| Completion evidence | Which permits, inspections and occupancy approvals are complete, and which shared works remain? |
| Warranty quality | Who provides it, what component terms and exclusions apply, how are claims filed and what dispute process is required? |
| Ongoing ownership cost | What do association charges fund, who maintains each common element, what reserves exist and what rules apply? |
| Closing and financing | What title protections, provider choices, itemized fees, loan terms and deadlines apply? |
Mark an answer “not stated” rather than guessing. That label identifies a negotiation or due-diligence gap that must be resolved before you compare the projects fairly.
A practical sequence before you sign
- Define the asset. Obtain the legal description, ownership form, floor plan, area schedule and list of parking, storage and shared rights.
- Freeze the specification. Attach the inclusions, finishes, appliances, amenities and substitution standard to the proposed contract.
- Map the money. Record every payment, holder, escrow condition, refund trigger, deduction and financing deadline.
- Insert inspection rights. Name the permitted inspection stages, contingency period, notice method, repair process and cancellation remedy.
- Verify approvals. Ask the building authority or adviser to confirm permits, completed inspections, occupancy approval and unresolved corrections.
- Read the warranty. Build a component-by-component schedule of terms, exclusions, claim deadlines, manufacturer coverage and dispute steps.
- Review the association. Examine the declaration, rules, budget, reserves, insurance, maintenance matrix and planned assessments.
- Audit closing and finance. Compare the draft deed, title report, settlement statement and loan offers with the signed deal before releasing final funds.
Keep a single dated file containing the contract, signed schedules, emails, plans, receipts, inspection reports, approval records and warranty documents. Send material questions by email and ask the builder to answer in the contract or an attached addendum. If an answer affects ownership, cancellation, title, escrow, taxes or liability, have a local real-estate attorney or settlement professional review it rather than relying on a sales representative’s interpretation.
Warning signs that require a pause
- The builder will not identify the ownership form or provide a final legal description.
- A salesperson promises a refund, upgrade or completion date that is absent from the contract.
- Deposit funds are payable to an unexplained entity, with no written release or refund terms.
- Inspection access is refused, or the agreement contains no defined remedy for an unsatisfactory result.
- Occupancy is promised while permits, final inspections or shared facilities remain unclear.
- The warranty is supplied only after closing, omits exclusions or gives no claim address or deadline.
- Association dues are quoted without a budget, reserve information or maintenance responsibilities.
- Closing documents arrive at the last minute or contain unit, price, fee or title terms that differ from the signed agreement.
- A lender incentive is presented as mandatory, or you are discouraged from obtaining competing loan offers.
Any one of these issues may have an innocent explanation, but it should be resolved in writing before you become committed. Local contract law, condominium or cooperative rules and building-authority records determine the remedies available if the builder does not deliver.
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