Dating my builder

How do I figure out when my builder is to complete building my home and give me possession? Does the time start from the date I signed the contract, from issue of the building permit or when the slab is poured? I am trying to figure out how late my builder is running.

The contracted length of a construction period is miscalculated often by homeowners and sometimes by builders. The construction period is not likely to commence from the date that the contract was signed. To calculate the construction period, make sure that you are referring to the building contract and not the preparation of plans agreement, or preliminary work contract. Most contracts specify that the construction period does not commence until a short time after all necessary approvals and permits are obtained. Alternatively, the construction period could be deemed to commence when the works actually commence. Unless your contract specifies that the construction period commences from slab down, the construction period commences from the first element of work the builder is contracted to carry out for you. That is usually the site works. Check your contract carefully to determine your starting reference point. Some contracts do not expressly provide a construction period. However, if there are lengthy delays which could be interpreted as being unreasonable, there may legal steps available to take including to terminate the contract. Extreme caution should be applied before you terminate the contract. Also know that the builder is usually entitled to claim extensions of this construction period where unforeseen circumstances arise that are beyond the builder’s control, and which could not be anticipated at contract signing. Where the builder overruns the contractual construction period, the homeowner is usually entitled to recover from the builder the financial loss, including rental or mortgage interest losses, from the builder. It is critical, therefore, to carefully read and understand your building contract before signing it, so that you can work out exactly how long your house will take to build. The clear message is to obtain legal advice before you sign your building contract.