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Article #79: Building Real Estate - New Home Construction Tips

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Your next few months constructing your quality of construction in a new home
new home could prove to be a time development. This office licenses
consuming and daunting task. You must residential builders and building
recognize that it is difficult, if not envelope renovators, monitor's the
impossible to have everything go provisions of mandatory third-party home
smoothly. When buying a home while it is warranty insurance and researches
under construction you must have some key educates the residential construction
notes available. First, the contract of industry and consumers.
purchase and sale must be clear and very If you are the owner of a leaky home, the
detailed to outline your expectations. It HPO will administer no-interest repair
must describe the specifics including the loan programs and PST relief grants for
details of the labor and materials used owners. They're set up to ensure that no
to satisfy your buying agreement. These one has to lose their home due to the
stand from of construction contracts are cost of repairing a leaky home. The
available and these forms of agreement reconstruction loan program provides no
are designed to provide an enforceable interest loans to homeowners and housing
agreement between the seller (builder) co-op's who are unable to pay for the
and the buyer. cost of repairs.
If your developer asks for a deposit Your warranty includes a minimum of two
(which he will) make sure that it will be years on labor and materials. Five years
deposited into a trust account. If the on the building envelope which includes
agreement should default, the deposit water penetration. And ten years on the
should always be returned back to structure. In order to minimize confusion
yourself. If the developer wishes to hold about warranties, the HPO created this 2,
your deposit as a stake holder, the 5, 10 year home warranty insurance logo.
return of your deposit may be more It's now used in the marketing campaigns
difficult. In addition to the standard of your local realtors and builders in
contract of purchase and sale, you should the Residential real estate market of
include a specifications sheet and the British Columbia homes. This should take
plans for the house. Building contracts place when you first occupy the home. You
are long, complex documents. Both parties could always find more information on
(builder/seller and buyer) should obtain this topic by visiting
legal advice prior to entering into a Finally make sure that your realtor
building contract. inserts a clause clearly stating that the
Do the walk though! Insist that prior to occupancy certificate must be obtained on
possession date, both parties conduct a or before completion date. However,
walk-through of the property prior to landscaping and other outside work can
possession date. Make sure that all the still be in the process of completion.
work is completed and agreed upon. At Your occupancy permit merely allows you
this time, both the seller and the buyer to move into your new home! We hope this
should sign and date the list. Copies article helped you think of some things
should be given to both parties, that you might not normally know. Please
realtor's and lawyers involved. The crown do not rely on this article as a guide or
has developed a program in 1998 called legal advice as you should always consult
the Home Owners Protection Office. your lawyer or local realtor for advice,
Essentially it is designed to protect the they are the expert.






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