This is my first posting, and thanks to this forums information I have an opportunity to purchase a condo in a building currently being constructed. I received the offering plan, but have a question about the warranty (or lack thereof) being provided by the sponsor. Is it normal for them not to be obligated to warranty construction defects? Additionally, how big a "leap of faith" is new construction - is there a possiblity that with major defects (like mold or major water damage ala Perry Street) that my entire investment will be down the drain? Will the AG protect buyers of new construction in any way?

I know that is a lot of questions - and any help would be much appreciated. Thank you again. An example of the type of statements provided in the plan is below.

"The sponsor plans to grant any assignable warranties to the condo board"

"The sponsor will not be obligated to correct, repair, or replace any and all defects relating to the construction of the units"

Thanks again for your advice.