New construction
A home that is newly built or still being built, usually sold by the builder. Builder contracts differ from resale contracts, and the sales rep works for the builder.
Also called: new build, builder home, new home
Related terms
A home a builder constructs before having a buyer, betting it will sell. Buyers usually get fewer custom choices but can move in sooner.
The agent who represents the buyer. They find homes, set up showings, write offers and negotiate. Since 2024 most need a signed buyer agreement before touring homes.
A visual check of a home's structure and systems by a trained inspector, usually during the buyer's contingency period. It finds problems before you're locked in; it is not a pass or fail test.
A local government document saying a building meets code and can be lived in. New construction needs one, and some towns require one when a home sells.
A yearly service contract that helps pay to repair or replace covered systems and appliances. It is not homeowners insurance and usually has service fees and exclusions.