Perhaps one of the most complicated types of real estate transaction is building
new construction, be it residential or commercial. That is because what you are going to build is merely a drawing and there are many construction, economic, timing and liability details that have to be addressed.
At minimum, the builder should provide a detailed set of building plans and specifications of the material being used, along with the total cost of the project. Most importantly, you must have a Construction Agreement that addresses practical issues that arise during construction, such as payment terms and releases of liens, a schedule of construction, insurance coverages and warranty provisions.
In addition to being attorneys, we have personally developed or redeveloped many residential and commercial buildings. having the benefit of being on all sides of the new construction process, thus knowing each party’s mind set, we have honed this process down to a straightforward, cost effective system. There is no question that when working with others, things go better when all know where they stand, and what to expect, because the important issues have been adequately addressed and documented in advance.
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