New home construction is a markedly different process than buying pre-owned housing. Whether buying a spec home (built to the Builder’s specificiations, also known as an ‘inventory home’), or whether starting from scratch — new home construction has its own timeline, vocabulary, and rules.
Two important meetings that take place between Buyers and Builders include the Redline Meeting, and the Blue Tape Meeting.
Because of the reference to colors, combined with word familiarity of other common real-estate related vocablulary like ‘blueprints’ and ‘blue line survey’, these two meetings often introduce a bit of confusion for both Buyers and their Realtors®.
The Redline Meeting: After the initial contract is signed, Buyers start selecting / finalizing finish out choices and desidred changes. During that time the Builder is securing permits & blueprints. The redline meeting is where the Builder (a person) meets with the Buyers to review the Buyer’s specific blueprints with a red pen… to mark up / finalize build instructions. (Thus, redline meeting.) A professional Realtor® will want to attend this meeting to help make sure all of her client’s customizations and instructions are documented and recorded by the Builder.
Prior to closing, (and hopefully AFTER a Buyer completes a home inspection) the Buyer will complete a walk through — with painter’s blue tape — to mark any deficiencies or missed change requests. This meeting is for the purpose of creating a Builder’s ‘punch list’ of items that need correction or completion prior to closing. Painter’s tape is the preferred method of marking areas in the home, as it creates a noticably visual highlight that is easily seen by contractors, and it’s weaker adhesive helps to prevent further damage to subject surfaces. Again, a professional Realtor® will want to attend this meeting to help protect her client’s interests and make sure items needing attention are addressed prior to closing.