Question 1: What does a Builders Warranty Cover and do you automatically get one when purchasing a newly constructed home?
Answer: A builders warranty is typically for one year in duration, beginning from the finished construction and closing of the home. The Warranty typically covers any Builder defects in construction and workmanship. Also included with this is normally a one year Warranty from the Manufacturer on all included Appliances, air conditioning etc. Be aware, a Builders One Year Warranty is not provided automatically! A Buyer must ask for this in the purchase contract! Builder should provide the Warranty to Buyer in writing. All builders warranties are not exactly alike.
This differs from a Home Warranty that a Buyer can purchase that covers the Mechanical systems in the home including things like appliances, electrical, plumbing and Air conditioning. These warranties are usually asked for in the purchase of a used or older home. Most Buyers ask for these types of warranties and usually ask a Seller to pay for them.
Here is a link to a great NAR article explaining warranties.
https://www.realtor.com/advice/buy/builder-warranty/
Question 2: Do I have to use the New Construction REPC if the new home is nearing completion?
Answer: If the home is nearing completion and approximately 80% complete, you may use the normal REPC. Many items used in the New construction REPC no longer apply, like the Design, pre-construction meeting etc. Make sure unfinished items are addressed in an addendum.