Tracy LeeMember@tracy-leeJoin Date: 2006Post Count: 19
If I was to build on my block of land with a project builder or builder, can I sell at any stage of the building process. and if so do I then take the money in full and leave the competion to the new owners or do I take a deposit and have to complete the project myself. Any feed back welcome.JFisherMember@jfisherJoin Date: 2007Post Count: 143
As with a spec’ home done by a builder you would take a deposit and balance on completion. Even a custom built home isn’t allowed to be paid in full until the C of O is issued.
As you would have signed a contract with the builder then it would be also your responsibility to complete the transaction with the builder.
You may also find that the potential purchaser’s lendor would insist on with-holding at least a portion of the money until the job was completed to the satisfaction of the new owner.
You will also have to take out a warranty insurance policy on behalf of the future occupants if you are an owner/builder. If you engage a builder to do the complete house then his warranty insurance will be transferred to any subsequent owners.
I am in Vic so some warranty advice may not be applicable in other states.
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