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People in BC are painfully familiar with just how much can go wrong with construction. Leaky condos in Coquitlam or Langley are part of almost every newscast.
Whether you're a homeowner or a contractor, protecting your interest in a construction project can save you much time, money and frustration later.
Drysdale Bacon McStravick's construction law specialists lawyers have the tools to help you protect your investment and make sure your commercial project or dream home doesn't turn into a nightmare.
Do 's AND Dont's DO
- Get everything in writing.
- DO put in writing what you will pay for the "extras" you approve.
- DO get written warranties.
- DO ask your contractor for references.
- DO hold back 10% of the contract price.
- DON'T release the holdback until 55 days after the certificate of completion is issued. If there is no certificate of completion, release is 55 days after the head contract is complete, abandoned or terminated, or the improvement (project)is complete.
Do's AND Dont's FOR PURCHASERS
- DO obtain a title search of the property you wish to purchase to check for builder's lien claims.
- DO hold back 7% of the purchase price if you are buying a condominium, and 10% of the purchase price of the improvement if it is not a condominium.
- DON'T release a holdback to the vendor until 55 days after your interest in the property has been registered at the land title office.
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