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Home Building: Home Builder Owned Lots
Posted on 3/9/14 at 9:03 am
Posted on 3/9/14 at 9:03 am
If you buy property from a home builder with a contract in place for the builder to construct the home on said property how do you protect yourself so that he builds at a fair market value? Since you do not yet own said lot you don't have any plans for him to bid on yet.
3
Posted on 3/9/14 at 9:44 am to nolanola
Make sure it says he must build at fair market value in the contract that says he's building the house since you bought from him.
Posted on 3/9/14 at 10:05 am to nolanola
You put the price in the purchase agreement.
Posted on 3/9/14 at 10:17 am to nolanola
I was under the impression that you reach an agreement with the builder on the bottom line price of the land and cost to construct the house before signing the contract? Thus, you lock the builder into a fixed price contract based on a lot that you have selected and house plans that you have approved.
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