Hello all first time poster here.
I want to put an offer in on a house that is 2/3 complete and has had it’s price dropped by over 10%.
How would I word a clause that details the purchase price is the price of the house completed up to living standards and not skimped on the remaining part of the building because i have purchased 2/3 of the way through completion.
I would like to buy the house livable but do the following myself,Painting
Wallpapering (if any)
Landscaping
Fences
Curtains / DrapesI have a feeling that if I offered a fair to low price now, and the offer was accepted the builder would do the rest of the job on the cheap.
Any help is appreciated thanks [cap]
Hi Kiwi,
A point of clarification – are you buying the property off the builder directly?
Or are you buying it off a third party who is paying the builder?
There are different potential issues and as such this may be of assistance to the forum. Nonetheless a good solicitor will be of paramount importance to ensure your contract is ‘watertight’
As a starting point a satisfactory building inspection report would be essential as would progressive inspections as the building reaches the various stages of completion (payment stages) as outlined in the contract.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks Derek
The property is advertised with a real estate agent.
I would like to make this my PPOR and do all the little bits and pieces myself and sell my current home to my LAQCThanks for the reply. [specool]
Hi Kiwi,
I would not be paying full price for property until it is finished for the very reasons you alluded to.
Check to see the builder is a registered builder – owner builders (in WA) are restricted in the on-selling of property (not sure why as it has never been an issue for me)
Definately find a good solicitor for this one to see what the conditions of the sale are.
At worst your deposit would be held in trust by a solicitor subject to satisfactory completion of the home as determined by yourself and a building inspector of your choice.
Settlement to be only effected when the property is completed as required above – the difficulty you may have is that the builder may expect progress payments – although it sounds like he is building a ‘spec home’ and as such may not need these.
Ensure conditions with respect to the fencing etc are clearly spelt out in accordance with your desires.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
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