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I went to a meeting not too long ago about this. Builder explained the process they use, but it still wasn't 100% clear. There are a variey of ways to handle it- some involve assignable contracts. Some involve builder buying property, buying out seller once approved buyer is located. Seller gets their asking price. Builders have a cushion to work with in new build, and also are set up and familiar with tear down costs, county regs, etc.
To disclose any possible Health or Danger Hazards, or anything that needs follow up maintenance with as far as custom features go.