Building a Property
Many Australians dream of building their own home. With the ever increasing prices of established homes many people are attracted to “house and land” packages as an alternative way of realising their dream. When building a new home, Brydens Lawyers can assist with contract preparation and associated documentation required to make this dream become a reality.
WHY DO YOU NEED BRYDENS LAWYERS WHEN BUILDING?
Brydens Lawyers can assist you to ensure your building experience is stress free and can assist with residential and commercial property construction to ensure the building is built in accordance with plans and specifications.
WHY ARE BRYDENS LAWYERS THE RIGHT REPRESENTATION FOR YOU?
Brydens Lawyers are the building contract experts and before entering into any building contract contact Brydens Lawyers for a review and advice so as to ensure that the terms of the building contract accord with your requirements.
WHAT WILL BRYDENS LAWYERS ORGANISE FOR YOU?
Broadly speaking there are two main types of building contracts for the construction of residential dwellings. They are a cost plus contract or a fixed price contract. It is important to engage in legal representation when reviewing this documentation to ensure you are getting what you pay for and you understand the agreement.
A cost plus contract is one where the builder is to be paid for the cost of the building work plus a profit margin. A fixed price contract, as the name suggests, provides for a fixed sum to be paid to the builder for the construction of the home. Generally we would recommend against the entering into a cost plus contract where possible as it is difficult for the homeowner to ascertain with any precision what the final price payable to the builder will be. A fixed price contract is preferable but that is not to say it is in itself perfect. There can be many traps for the inexperienced when entering into a building contract.
It is vitally important for a building contract to sufficiently identify the works that are to be carried out by the builder. Typically the building works are set out in the building contract. It is equally important for the owners to ascertain exactly what works or materials are excluded from the building contract. Sometimes it is more important to know what items are excluded than included. Excluded items should be clearly set out in a reference schedule attached to the tender document or the building contract.
WHEN SHOULD YOU CONSULT BRYDENS LAWYERS?
If you are currently in the consideration phase of purchasing a property, we recommend you contact Brydens Lawyers. Brydens Lawyers will provide a step by step process for your property purchase journey ensuring a smooth transition from initial review to moving in.
LATEST NEWS FROM LEE
An article published by insurancenews.com.au on 22 November 2019 references a reported $876 million net loss by NSW State owned Icare for its workers compensation Nominal Insurer scheme last financial year amid rising medical costs and falling bond yields.
It is reported that gross premiums were in the order of $2.5 billion while net claims expenses/scheme costs were just over $4 billion. That is, there was a reported underwriting loss of almost $2.4 billion while Icare received a net investment revenue of just over $1.6 billion.
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