A buy/build agreement is a contract where you not only buy a home, but also have the construction work done. This type of agreement is common in new construction homes. It is important to know that you are entitled not only to the delivery of the home, but also to the proper performance of the construction work according to the agreements in the building contract.
A purchase/contract agreement consists of two parts:
These agreements are often inextricably linked, especially in new construction homes where construction has yet to take place. This means that as a buyer, you have the right not only to own the land, but also to have the construction done properly and correctly.
With a purchase/construction agreement, you as a buyer have certain rights and obligations. You are entitled to a home built according to the agreed plans and specifications, with no hidden defects. The contractor is obligated to deliver the home within the agreed time frame and in accordance with the applicable building codes and quality standards.
Should there be any defects upon delivery, you are entitled to have them repaired, unless the defects are so minor that they do not impede the usability of the home
Would you like to know more about your rights and obligations under a purchase/contract or are you facing a dispute? Then contact our real estate law specialists for expert advice and legal support. We are happy to assist you throughout the entire process, from signing to completion.
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