The Panel heard that some practitioners have attempted to exclude the Law Society`s terms and conditions of sale based exclusively on a construction contract with certain specific conditions for the title. Practitioners are reminded that the title certificate format clearly states that “the purchase was made on the basis of the Law Society`s current terms of sale and/or construction contract.” The Panel considers that a block exclusion of these conditions would prevent the buyer`s lawyer from issuing a certificate of ownership. If the construction contract is considered in isolation, the contractor agrees with the employer to perform certain work at an agreed price. The contractor undertakes to complete the work within the “pre-completion” period. Once the work is completed, the contractor informs the employer and the balance of the work price is payable 14 days after or 14 days after the employer`s acceptance, depending on the previous amount. The “completion period” is often referred to as 18, 24 or more months from the date of the construction contract. The contractor is generally interested in completing the work as quickly as possible, as it is not paid until the work is completed, but the employer does not return if the work is longer than expected, provided it is completed within the completion period. Even if the work is not completed within the completion period, it is likely that the employer will not be able to terminate the construction contract or entrust someone else with the completion of the work in progress without going through a number of tires, including asking the contractor to complete the remaining work. Whether the final delay is linked or triggered on the completion date remains a potential pitfall, especially when contractors (as some do) insist on a long “completion period.” With demand for new housing currently high and bank financing available, the problem may be academic, but if problems arise in these areas, buyers may again find themselves in an undafe situation. 8 (b): like point 8 (a), indicates the relevant periods when the building is not registered under the home bond system.
You can assume that buying a “new” home or apartment is like buying a new washing machine or car and that the seller hands over a finished product in exchange for the agreed price, but that is not (legally) what is happening. A new house or apartment consists of two elements, the physical components that are built (ground, walls, roof, etc.) and the land (or sometimes in the case of an apartment in the airspace) where the building is located (or for an apartment, part of the building). The agreement to purchase a new house or apartment will therefore include these two elements, the completion of the work and the sale of the land or airspace.