Published 08/09/2012 11:00 AM |
Updated 08/09/2012 11:00 AM
A four-plex building was completed six months ago. The owner and three renters occupy it. It is now being sold to our veteran. Do we still need to meet new construction guidelines, as it is currently occupied?
The veteran purchaser will be the second owner of the four-plex. In that case the property is considered existing construction with no builder or warranty requirements. If ownership is still in the name of the builder, then "new construction" requirements apply.