The contract's purpose is to make sure there is a clear understanding before the actual construction work begins, and to provide a guide to follow in case a question or discrepancy arises later.
1. Scope of work: Be sure you're happy with the layout of the home and the options you've chosen such as finishes and fixtures.
2. Details: Understand how your options are represented on the contract and don't be afraid to ask questions. Now is the time to make changes!
3. Timing: Make sure the contract contains information about when construction will begin, the schedule of work and when you can expect completion. There may be contingencies based on weather etc., and these should be outlined here so you know what to expect.
4. Payment: This section should clearly indicate what, when, and how you will pay for your home. A typical contract will require an initial payment prior to construction and additional payments on a specified cycle.
5. Warranty and fine print: What are the terms and how long does it last? Know the specific obligations of the builder and what your maintenance obligations may be.
A basic tip to remember is that if it's not in the contract, it's not legally binding. So, if you've been promised something verbally, make sure it's covered in writing!
And then most importantly - once you've reviewed your contract - review it again (and then one more time) with fresh eyes so you can sign with confidence!
Written by Stanley Martin Homes
Submitted on 1/31/2017 Posted in New Homes for Sale in Charlottesville
Category: The Study