Hi all
I am building my first house in nsw. I have paid $5000 deposit to the builder for drawing the plan and submitting the plan to council for approval, and this have taken about 3 months.
Now, it comes to the stage of signing the contract. After viewing the contract, i think the contract is just so unfair:
I need to pay 12% interest for a late payment, but if the building is delayed, the builder need only pay me $15 every working day, that's $75 every week.
The building period is 30 weeks plus 5 weeks Christmas holiday, and i can only bring an action to them only when the building works are not completed within 18 months.
I think maybe I should hire a lawyer and negotiate with the builder, but my friends told me the builder will not accept this, and if I quit, I will lose the $5000 deposit, the 3 months work and the lawyer fee.
So, is this the same in your building contract? maybe every builder is just the same and I am afraid I can only accept this?
thanks
tony