We've included a lengthy, typical NYC real estate purchase contract geared towards new development for your review below. Is there a way without using personal name?This document outlines an agreement between an owner and developer to build a residential structure on the owner's plot of land. Why should I purchase a new construction home as opposed to buying an existing or resale home? Stage one: Reservation. When you reserve a new build plot you will be asked to sign a reservation agreement and pay a reservation fee to the developer.