New Home Subdivision Sales in SkySlope
There are 3 types of subdivision sales (SkySlope Checklists):
- Referral Only
- Buyer’s Agent – Major Subdivision (5 or more homes)
- Buyer’s Agent – Minor Subdivision (1-4 homes)
The first thing that must be done is determine our agent’s role in the transaction. Are they the Referring Agent or Buyer’s Agent? In order to determine their role, you need to review the document in which our agent used to register the Buyer at the subdivision. It is called various names, depending on the builder, and just because it says “Referral Agreement” or something similar, does NOT mean the agent is the Referral Agent. Read the following information carefully:
Referral or Broker Commission Agreement (use this to determine if our agent is “Referral Only” or a full Buyer’s Agent). Usually within this document there is some reference to whether or not our agent is allowed to negotiate on Buyer’s behalf, accompany them on walkthroughs during construction, etc. If it is still unclear, ask for the “Confirmation of Real Estate Agency Relationships” portion of the contract (or addendum to contract). Builder is required by law to clearly state who is representing who.New Home Referral Checklist
If our agent is the Referral-Only agent, then the New Home Referral Checklist will be used. Minimal documents are required for New Home Referrals however any documentation the builder or buyer shared with the agent should be added to the SkySlope file.
New Home (Buyer’s Agent, 5+ Homes)
New Home Buyer’s Agent, 5+ Homes checklist is for Major Subdivisions. This is to be used when an agent is representing the buyer and the builder has built more than 5 new homes.
Purchase Agreement, Addendums, Amendments, including supplemental attachments are all required for the file. All documents should be fully executed by all authorized parties. The initial Purchase Agreement tends to lack signature of the authorized Builder’s Representative so please make sure the agreement is fully ratified.
Confirmation of Real Estate Agency Relationships should be within the Purchase Agreement or in a separate document.
Disclosures From Seller/Builder to Buyer
Please note that in many cases the Seller/Builder will include many of the disclosures within their Purchase Agreements).
Please note that in many cases the Seller/Builder will include many of the disclosures within their Purchase Agreements).
All BHHS Drysdale Required Disclosures to Buyer
It is not necessary to obtain Seller/Builder signatures on disclosures such as Fair Housing, Wire Fraud, Possible Representation of More Than One Buyer/Seller, as they generally will not sign any forms but their own, and these are intended as disclosures from us to our clients.
If possible, an email to the Builder’s Representative asking them to verify that they have given the complete Purchase Agreement and all Disclosures due to the Buyer with Builder’s response.
It is not necessary to obtain Seller/Builder signatures on disclosures such as Fair Housing, Wire Fraud, Possible Representation of More Than One Buyer/Seller, as they generally will not sign any forms but their own, and these are intended as disclosures from us to our clients.
If possible, an email to the Builder’s Representative asking them to verify that they have given the complete Purchase Agreement and all Disclosures due to the Buyer with Builder’s response.
SPECIAL NOTE: It is NOT our job to determine if the Seller/Builder is making all disclosures to the Buyer that are required of them, because only the builder knows what the Department of Real Estate and Local Authorities are requiring them to disclose – rather, it is our job to be sure that we have received all of the disclosures that the Seller has made to the Buyer. When the Seller/Builder includes some or all of their disclosures within their Purchase Contract, it is also NOT your job to try and separate those documents.
New Home (Buyer’s Agent, 1-4 Homes)
New Home Buyer’s Agent, 1-4 Homes checklist is for Minor Subdivisions. This is to be used when agent is representing the buyer and the builder has built anywhere between 1-4 new homes.
1) MINOR SUBDIVISION CHECKLIST: Per CAR “New Home Chart” List
NOTE: Regardless of whether or not our agent is the actual Buyer’s Agent or “just” a Referral Agent, always encourage our agent to stay in touch with the client and remain a resource to them as a consultant and trusted advisor. In this way they will best serve their clients, and also maintain “top of mind” presence when the client has referrals or wants to make another real estate move or investment.
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