Asked and AnsweredI just did the walk through on the purchase of a sponsor unit and we have an extensive punch list. Will the punch list be completed by the time of closing?
No. As crazy as it sounds, when you buy an apartment from a sponsor, the punch list only has to be completed within a reasonable time after closing. Sometimes Offering Plans will identify a time period, like 30 days, and sometimes not. What constitutes a “punch list item” can be a matter of opinion, and opinions can vary greatly. For far too long, sponsors have been given too much leeway on how the apartment will be delivered at Closing. In the world we live in today, purchasers should be extremely cautious about how an apartment, that is not yet completed, will be delivered at closing. The reputation of the sponsor and the track record of the sponsor's builder, are good guideposts of what to expect when the sponsor says the construction is completed and the apartment is ready for closing. For more on this see "The Punch List."