Well, nothing can be a more pleasurable experience other than building your own house. In the same way, it can impose detrimental effects if not done with proper care. Do you and builder know that certain rules and regulations must be conformed to when a house is built? The best Building Contract Lawyers can help you in this matter. Your hired lawyer will also familiarise you with an essential document like building contract. This is a legally binding agreement which should be signed both by you and your builder.
7 important facts you should know about a Building Contract
A top-notch building contract lawyer knows the nitty-gritty of a building contract which both you and your builder should learn. Nevertheless, it’s always good to gain a bit of knowledge before you sign a Building Contract. So, given below are 7 most crucial facts about a Building Contract which you and your builder didn’t know.
Required Documents for a Building Contract
A Building Contract is a document which should be legally convincing enough to get signed by both the parties. There are a few important documents required to create a substantial building contract. These predominantly include the evidence of your ownership, your specific building plans, special criteria, engineering plans and your tender. The most important document which is required is the building contract itself. If any of these documents are missing, you won’t be able to make your building contract effectively.
Occupation Certificate isn’t required
The moment the construction of your house is complete your builder will ascertain you about it through a particular document. This is known as the certificate of practical application. It will be accompanied by an invoice related to the ultimate details of your progressive drawdown. You must also know that most of the building contracts don’t need an occupation certificate as a pre-requisite. That’s why before getting your building contract made you should ascertain that your bank doesn’t need one.
Provision of certain credentials to the builder
Once your building contract is built, there is also something which should be done from your end. This requires you to submit a few specific documents to your builder. These predominantly include documents which prove the approval of your loan and ownership of your home. These documents have to be given to the builder within a particular deadline. This deadline is usually specified by the builder only. In case, no deadline is mentioned in the contract, it will be considered equal to a fortnight.
Alterations incur extra costs
Do you know that you can also make some changes to your building contract? On the contrary, it will incur extra expenses which you have to pay to your builder. That’s why the best option is to frame all the essential aspects inclusive of your building contract in advance. While your building contract is being made, make sure to specify each of them without a miss. Doing so will help you avoid making any changes to your building contract, thereby, the related additional costs.
Circumstances leading to your building contract’s extension
The duration of your building contract can be extended as well. The fact is only your builder has the right to do this only if certain circumstances favour. These include delayed procurement of approval, Industrial shutdown, inclement weather and changes requested by you. On the contrary, you won’t be able to extend your building contract unless any of these situations have emerged.
To procure a fixed price building contract
When getting your building contract made, make sure that it is comprised of a definite price. The price which you conventionally see in the initial few pages of your contract isn’t your building contract’s fixed price. Even if it is, then it will remain definite only for a particular time-frame and not more than that. So, you should make sure that your building contract doesn’t incur any costs which you are liable for paying. Similarly, you should also make sure that your building contract doesn’t incur any concealed payable costs as well.
The apt time to cease your building contract
Well, the best Property Lawyers Perth will also familiarize you with another aspect of your building contract. It is the time during which you can terminate your building contract. The fact is doing so is not as easy as it may seem. Every builder has a stipulated time-frame allotted to them in the building contract. According to this, your builder is liable to complete making your building within that specified deadline.
Moreover, if your builder requires, he is also entitled to extensions in order to build your house impeccably.
So, these were 7 of the most worthwhile facets related to a comprehensive building contract. Are you thinking that where to find a qualified property lawyer near me time and again? If yes, then, get in touch with the Best Property Lawyer right now. Your lawyer will furthermore provide you detailed bits of information about each of these aspects stated above.