Building a custom home is a dream process, but it can also be risky if you are not protected properly. Often, the contracts that home builders present to buyers are one-sided in that they are meant to serve the builder's interest more than the buyer's interest. Fortunately, a real estate attorney can be the protection you need.
Building Terms
One one-sided feature builders sometimes include in their contract terms is seemingly unrestricted competition terms. Builders may include language that essentially states that they are not required to have the home completed by the date they set, and in the event, the home is not completed, they hold no liability.
As a buyer, you understand that construction can be unpredictable and things happen; however, you also know that the longer the builder takes to complete the build, the more it can cost you. Attorneys can help formulate the terms of the contract and, in the event of a discrepancy, can advocate on your behalf to draft more amicable terms.
Hidden Expenses and Closing Review
Most people are well aware that building a home is a process that requires money. However, no matter how large your budget is, you want to know what costs are included in the home build and what is extra. An attorney will review the building agreement and inform you of all costs involved to help minimize hidden expenses.
At closing time, an attorney will also review the closing disclosure to ensure that you have received all credits, such as tax credits, and are not being asked to pay more than what is required.
Post-Construction Protection
When you build a home, the closing table is not the end of the road. For example, while builders aim to complete tasks with high craftsmanship in mind, things can happen, and repairs may need to be made in the near future. An attorney can help in this instance in a couple of ways.
First, the attorney can ensure that you have a warranty plan in your contract to cover immediate repairs linked to the contractor's work. Second, the attorney can advocate if the contractor gives you a hard time after you file a warranty claim. In short, an attorney can help you keep your home in the best condition possible.
Let an attorney partner with you to ensure your interest are protected and your home-building process goes as smoothly as possible. For more information, contact a real estate law firm near you.
