A certificate signed by the Purchaser at the end of the possession inspection and orientation, which indicates approval of the overall finish of the home and notes any defects and deficiencies.
Progress payments are advances timed to correspond with the completion of the various stages of construction. Progress payments and the flow of funds to your builder should closely match the value of the work in place. There may be a 10% Builders’ Lien Holdback to be held in trust by the builder’s lawyer.
An Agreement for the construction of a home and the purchase of land. It’s commonly used if the Builder is selling both the home and the lot. The Agreement specifies the lot to be acquired and notes details concerning the transfer of title to the Purchaser upon fulfillment of the Agreement’s terms and conditions.
The agreed upon price of your new home (and lot, if included through a Purchase Agreement) plus GST less the applicable GST Rebate granted by the federal government to new home- buyers. The purchase price also includes the cost of any agreed-to changes in the plans and specifications at the time of signing the Agreement, as well as adjustments.