Apartment lease fineprint6/3/2023 ![]() You should only pay a small deposit (no more than 10%), with the balance payable when the house is completed, including issue of a code compliance certificate. ![]() ![]() You shouldnt pay for improvements on land that you dont own. House and land package: If youre buying a house and land package (the build company is building a home for you and selling you the land in one transaction), you shouldnt make progress payments. Its very important to ensure that the final payment is due after issue of the code compliance certificate, not on practical completion. If your lender is making the progress payments for you, make sure it will meet those obligations on time on your behalf. Most building contracts allow the building company to charge penalties if youre late in making a payment. Get this agreement in writing from your lender. Below we list (its not exhaustive) some of the main points you need to consider whilst you build.įinance: If you are borrowing money to build your home, before you sign the building contract make sure that your lender has reviewed the contract, approved your finance unconditionally and agreed to meet the progress payments as specified in the contract. Speaking to other people who have recently used the building company is also a good idea. Research the building company to find out who owns and controls it, how long its been in business, who youll be dealing with on a day-to-day basis, and any issues the company, its directors and shareholders have experienced. When building your new home its important to carefully read and understand the building contract. But it neednt be like this if you do your homework before starting the build, read and understand the building contract and make sure you get professional advice before you sign the contract. ![]() Stories abound of disappointments and building hassles. Residential Building Contracts: Homework is important when building Building a new home can be exciting, as well as being rather daunting. If you would like to talk further about any of the topics covered in this e-newsletter, please dont hesitate to contact us. We hope you find the articles both interesting and useful. Welcome to the Summer edition of Property Speaking.
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