Guide to New Construction: Learn how to use the brand-new contract for to-be-built homes
January 1, 2017
Author: Peter Christensen
Pages 11 – 14 outlines some specifications specific to the REPC that is used for homes which are under construction while also under contract. It goes through three phases of the REPC and the deadlines which are included in each phase. For example, the due diligence phase with seller disclosure and buyer due diligence deadlines; the pre-construction phase with the pre-construction meeting deadline; and finally, the construction phase with the loan funding deadline, the substantial completion deadline, and the settlement deadline.