How do punch lists work

Just before you close on a place you and whomever you decide to bring with you will go thru a "walk thru" with a representative of the Sponsor and/or Developer and/or Contractor. The Sales Broker is usually there as well.

There you will literally go thru the apartment and list all the things you find unsatisfactory. Like chip tiles in the bathroom, a crack in the wall, etc. Whatever you think is contrary to the Offering Plan.

You will bring this list to your lawyer and your lawyer will address it with the Sponsor. Depending on the items and the severity of the item(s) you can either decide to continue with the closing or postphone the closing until all or some of the punchlist items are fixed. .

If you decide to close with the open items you can add a clause in your contract/or at Closing a date the Sponsor must fix items. You can try get the Sponsor to put $ in escrow but good luck on that one.

NotAnonymous, is it only for new construction developments? Or does it also apply to condo conversions, for example?

Condo conversions as well

And you may actually have to go to closing and wait until after to have items addressed.

"How do punch lists work"

Here's how they work for me: Just before I close, I make a list of everyone involved in the process who has been lazy, ineffective, duplicitous, self-serving, or similarly obnoxious. The list is usually about 3/4 agents and brokers, with the occasional developer lackey thrown in.

Then, after compiling this list of people, I punch them. It doesn't actually improve the condo at all, but it makes me so happy.

Admiral is my new hero!

LOL.... Admiral, I totally agree.

Admirable, Admiral!