We made a contract with a construction company for a new
Hi, we made a contract with a construction company for a new home site. We were supposed to pay 20K as deposit in installments of monthly 5K in 4 months, but after the first payment, because of the delay in responses from the company and delay in the construction process, we stopped the deposit payments. Now, we are canceling the contract and they sent a letter for us to sign saying:"Purchaser agrees and understands they will lose their deposit in the amount of $5,000 paid to Builder under the Construction Contract. Builder shall be entitled to retain the balance of any payments from Purchaser to Builder, and thereafter, Purchaser and Builder shall have no further rights or obligations under the Construction Contract." Does this mean we are free at this point, or do we need to pay the remaining 15K in the deposit?
We are getting ready to build a new house and it is a lot,
We are getting ready to build a new house and it is a lot , for some people 's standards but we own the 5 acre plot already outright .We need to borrow around 570k to build the house , the cost to build is 637k and our builder is doing cost plus and he says right now he is doing cost plus on all his houses. Some sides of cost plus are ideal to me because I can control the costs of certain items and maybe save money and get better deals. The other side is I know as the builder we take all the risks . The good news is our builder has the best reputation in this area for being accurate and just being a great builder in general as he is been doing it for 30 years, has many repeat customers, and is in very high demand. I know several people who's houses he built and one lady he even built another house for 14 years later so he seems to be a good one. Our house will be 4K square feet and be custom. Should I worry about this cost plus thing every website says I should ? Should I freak out about it? I feel like I trust him as we got 3 bids and really did our homework on the builders ( this project has been two years in the making). I am worried the cost of labor will go up or something like that and we will get screwed over so I am worried a tad but he said he felt like he padded it well based on future increases.Also, we are already pre approved with or bank so wondering if they will not like it now being cost plus?Any ideas or tips would be helpful here. Thanks ! I have read a ton of info on the internet about cost plus vs. fixed so I know he difference and pros and cons. My builder said that many builders in our area are doing builds with cost plus that are larger houses like this. Is this accurate?
What should I do to protect myself before hiring a local
What should I do to protect myself before hiring a local lawyer? ...I have a home building contractor that has been working on a home remodel for over 2 months that was quote to be a 3 week job. I've paid him $20,000 so far for a $30,000 job; but only about 20% complete. After week 2 1/2 when everything was in motion...he basically stopped. Then, for last month wouldn't return my phone calls. I could only communicate through email. His excuses ranged from car accident, then therapy, then server went bad on his phone???, to this week his daughter in hospital. Finally he came back few days ago to say his men are being pulled from job due to high concentrate of mold in attic and wanted $2600 more. I sent in a diffferent mold company to check out and was told by other company there is zero mold iatticI'm going to email him a new construction contract from rocket lawyer giving him a deadline to complete job 3 weeks from today. I explained to him now that I'm getting a lawyer and will only pay him rest of money upon completion now. The reality is I rather him finish the job. I don't want to fire him and lose my money and if I hire someone new...it's basically like starting over with the 20% current contractor did spread across job..couple new windows here, new floors without grout there, kitchen cabinets sitting on floor, some Sheetrock up everywhere; etc.Anything else I can do now to hekp my case; if I need to get lawyer this coming week?
We are in discussions to do a construction project in Hawaii
We are in discussions to do a construction project in Hawaii for a general contractor. The Owner's lender wants us to sign a "Contractor Indemnity Agreement Subordination". It looks as if the lender is having the title company issue an insurance policy against any possible lien claims on the project. We have never signed anything like this and wanted to know more about it.
I have a new construction deal that just
ForCustomer I have a new construction deal that just came in. Buyer or buyer's wife is an attorney (not real estate) so I want to have a second set of eyes on any proposed modifications to the purchase agreement. Would you be able to provide a quick review? Thank you!!Link: https://dl.dropboxusercontent.com/u/28841209/scan.pdf
ForCustomer I have a couple of questions about a new
For Attyadvisor. I have a couple of questions about a new construction contract. The first one is simple so I will post now, the second I will post later (typing on iPhone). First - buyer is asking what the property tax rate is for unincorporated dupagecounty - where can I find this?
I am trying to deal with a Stop Payment notice from a General
I am trying to deal with a Stop Payment notice from a General Contractor. He was performing shoddy work and was ripping me off. I am reading that a Stop Payment notice is only appropriate from 3rd party vendors or to a construction lender.Is it appropriate for a general contractor to serve me personally (the homeowner) the Stop Payment notice. And to help me understand, if not, why?
I do not have a signed commercial lease in California and am
I do not have a signed commercial lease in California and am being told I have 30 days to mave, this is after the Landlord signed constuction agreement with Comcast so I could get internet through them which I now have a 2 year contract and now he wants to trow me out
I am a Florida Unlimited Contractor, I have Thousand's of Condo
I am a Florida Unlimited Contractor, I have Thousand's of Condo Assoc. that wants work done on there common areas, but they want to pay me out over time, I have no problem with that, but Iam not a financial institution and I wonder if this is Legal to accept payment or deferred payment over time.
Attorney At Law
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