Real Estate Attorney in Hilton Head and Okatie, SC Offers New Home Construction Contract Law
Are you a homeowner who finally decides to build a home? Or are you a homebuilder facing a legal dispute due to construction defects? Whichever your case is, having a new home construction contract can surely give you protection.
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What is in a New Home Construction Contract
Components of a New Home Construction Contract
For homeowners, a new home construction contract is essential to ensure that your contractor will build the house you imagined. The agreement states the scope of work or the obligation the contractor has to its clients. It specifies the task your home builder agrees to perform. It also involves the acquisition of the necessary permit for construction, purchasing of construction materials, and other necessary work to construct the house.
Another important part of the contract is the timeline. It specifies the schedule when construction will begin and the deadline for your new home project. It also contains the terms on which a contractor can be granted with extension.
One significant component of the contract is also the payment. This section indicates how much, when, and how the homeowner will pay their homebuilder.
Also part of the contract is the ways to resolve a possible dispute that may arise during the course of the project. Dispute resolution is done either by arbitration or through litigation. Arbitration is often favored for it is less expensive than the latter.
Some companies include a warranty on their new construction contract. It states the types of defects a contractor will take responsibility during the construction.
The Rights Of A Contractor
Aside from the welfare of the homeowner, the rights of the contractor are also stated. In South Carolina, their law requires an automatic right to cure for contractors. It means that the contractor can fix any construction defect within a specific period after receiving a notice of claim from the homeowner. The request must include the details about the construction defect. When no action is taken 90 days after the notice is served, that’s the only time when a homeowner can file a formal complaint against the contractor. All contracts must include this clause.
Looking For A Real Estate Attorney With Contract Experience?
Whether you are a homeowner or a contractor, you will surely need a lawyer to defend your rights. If you’re a homeowner, a Real Estate Attorney in Okatie, SC and Hilton Head, SC, can review the contract for you. They also find the best way to have it in your favor. If you’re a contractor, a lawyer can help you defend your automatic right to cure.
The Fraser Law Firm, LLC, offers legal services for a wide range of needs, including new home construction contracts. The Fraser Law Firm, LLC enjoys a broad private and corporate practice with a focus on real estate transactions, construction law, estate planning, employment law, credit relations law, property owner’s association law, and general litigation.