builders definitely want to do a good job for the buyers but keep in mind they don't represent buyers so they rarely point out some of the cons of building. Here are some things to be aware of: a. Builder contracts are designed to protect the builder whereas our Alberta AREA forms are designed to protect both buyers and sellers equally. b. Seasonal Deficiencies - means some items may not be completed by possession due to weather such as sidewalks or decorative exterior but you're still expected to pay in full c. Interest Penalty for not closing on time once you're given your 45-day notice. Most builders' contracts charge 18.9% interest. If you run into a problem and can't fund on time it can be very costly. This is also good leverage for the builder to discourage payment disputes at the 11th hour. d. other items inside the home may also have repairs needed and once again you're expected to pay in full and wait for the builder to come back and fix them. e. 1.5" of loam. This is really just regurgitated clay it will harden again in the hot sun f. Most builders do not have deposit protection so if they do not complete the project you are out the funds unless you get them held in trust. Most builders won't allow holdback of funds for any deficiencies, so you are at their mercy and timeline to come back and finish the job. I once had a client that couldn't get the builder to come back and finish the repairs. He documented over 100 calls and after a while, they stopped taking his calls altogether, so he had to sue them. A good realtor can help you with the contract and negotiate on your behalf. The builder will negotiate depending on market conditions. Its very helpful to have an experienced agent guide you and advocate for you throughout the process. It's a long journey building a home and mistakes can be made. Your agent can take this long journey with you all the way.
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