Yes, it is critical to have an attorney who knows new construction review your contract but what about the property report? Did the developer give you one and did you sign for it? Note, it is my understanding that the contract is not binding unless the developer has provided the report. The property report is where the naunces of the development are found and the attorney should see that document as well. The important items to make sure you know about are as follows: % of units sold in the building? Are you able to sell the unit in the first year? Is there any clause that limits the number of rentals in the building? Is parking deeded and if so do you have to sell it to someone in the building? Also, make sure that if the parking is garage that there is a statement in the contract, it is covered. And if this is an existing building that was commercial or occupied by tenants I strongly recommend that both you and the attorney go over the document very carefully to see what improvements and what the developer actually did to improve the building and what possibly needs to be done.
Beware, there are many developers doing cosmetics to existing buildings and then reselling them to the
buyer and the buyer has no idea of what he/she is getting to. Do your due diligence and make sure you have an attorney who know the developers and really understands the ins and outs of new construction.
Also note, make sure you have enough time to go over all the documents and remember not to be pressured as an attorney can easily extend the grace period as long as the extension is in writiing.
Lots of luck.