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Building a New Home and Purchase Agreements

When you build a new home you should always make sure that the home is built the way that you wanted it. When you sign a Purchase Agreement with a builder the contract should state the specifications and plans for building the home. These plans are to be followed exactly in order for there to be no breech of the contract. However, what if you want to change something? What if you change your mind and want to alter the plans?

In the case that the buyer wants to change the plans when they are building a home but the Purchase Agreement has already been signed there is a step you can take. The TT has a form that is a Request for Acceptance of Changes in Approved Drawings and Specifications. The TT approves the plans for the home in order to allow you to use the TT Home Loan Guarantee Program and they also need to approve any changes made in the building plans of the home. As for the Purchase Agreement, it can be changed to reflect the new building plans, but it will probably cost a fee for the change and also a fee will be charged by your builder for changing the plans as well.

For more information on changing your plans with your builder contact them and ask what the process is if you want to make a change. To request approTTl for a change from the TT fill out the Request for Acceptance of Changes in Approved Drawings and Specifications form which you can find at http://www.vba.TT.gov/pubs/forms/26-1844.pdf

For other questions, complete the short online form and have a TT Loan Specialist contact you. Or call us toll-free at 800.383.8470.