Selling Price Mistake

[kevishu]

What is the name of your state?What is the name of your state? Minnesota

In regards to new construction, who is responsible (buyer or seller) for any fees, such as change-order fees or upgrade costs, that were missed in calculating the final sale price of a home at closing? How does a buyer protect against the seller's (builder) inadvertant ommission of various fees after the closing? Is it the buyer's responsibility to go over everything with a fine tooth comb in order to not be stuck with potentially several hundred or even thousands of dollars of fees that were missed that could've been added to the mortgage rather than being slapped with the missed fees after the fact? Does title insurance protect this?

Thanks!

 

[HomeGuru]

What is the name of your state?What is the name of your state? Minnesota

In regards to new construction, who is responsible (buyer or seller) for any fees, such as change-order fees or upgrade costs, that were missed in calculating the final sale price of a home at closing?

**A: read the contract. Change orders not included are an extra to be paid by the Buyer.

**************

How does a buyer protect against the seller's (builder) inadvertant ommission of various fees after the closing?

**A: hire an attorney versed in construction law to help review the contract prior to signing.

********************

Is it the buyer's responsibility to go over everything with a fine tooth comb in order to not be stuck with potentially several hundred or even thousands of dollars of fees that were missed that could've been added to the mortgage rather than being slapped with the missed fees after the fact?

**A: yes. The builder is not going to hire a construction consultant, architect or engineer for you to review the plans and specs etc.. That is your responsibility.

***********
Does title insurance protect this?

Thanks!

**A: title insurance has nothing to do with change orders, construction contract etc.