Browse Forums General Discussion Re: House Contract Penalties 2Jan 10, 2011 10:04 pm It would differ from builder to builder. If you've signed a contract, check that as it should outline your penalty. I'd imagine you would forfeit any deposit paid at the very least. Re: House Contract Penalties 4Jan 11, 2011 8:12 am My contract says 20% of total price. It appears to be standard HIA contract. Re: House Contract Penalties 5Jan 11, 2011 6:17 pm chrisandkate My contract says 20% of total price. It appears to be standard HIA contract. Wow, 20% is enough to make you not cancel the contract I would think! queenie, I have seen from your other threads that your land title has been delayed - is that the reason you want to cancel your build contract? Delay of title is quite common in new estates, is it really causing you a lot of problems? Can you not just wait a bit longer for the land to title? Or are there other reasons why you want to cancel the build contract? Re: House Contract Penalties 7Jan 12, 2011 11:49 am 5% is enough to make me not want to back (depending on circumstances obv) but thats why the GLW and I asked tonnes of questions before we got to the next stage of each process. There is nothing in our contract that we didn't agree to and there were about 5 pages that had to be amended before we would sign. It's a big cost, so I don't see how anyone could sign without fully knowing what they're in for.I f you are unsure ask, and don't sign until you do understand. I believe that liquidated damaged should be amount of actual loss to the owner from the delays. The issue in all of this is building industry lobbying and contributing to… 5 3443 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16563 It seems very clear to me that your contract states that a security account does NOT need to be established so the answer to the builder is NO. If in doubt find a contract… 1 8510 |