3
The Contract
Your decision to proceed with construction is now legally formalised. Both parties must sign the contract agreement which outlines the responsibilities each and also includes the payment terms, completion date and the specification schedule. You will need your finance arranged before signing the contract agreement and we can help you with this if you wish by speaking to your mortgage broker or banker on your behalf. It is important to understand that there is no provision to make any design changes after the contract has been signed.
Advance build is an accredited Homefirst builder and as such, are able to provide you with a Homefirst 10 Year Builders Guarantee for that added security and peace of mind.
Once the contract has been signed and the deposit paid, the full working drawings will be finalised and submitted to Council to issue the building consent, a process that normally takes 5 to 6 weeks. Once the consent has been issued your home will then move on to the construction phase.
Standard Staged Payments:
Please note that the stages below are our standard contract payment stages. If these stages do not suit the conditions of your lender or your financial situation, don’t let this put you off. In many instances we are able to offer an alternative package to cater for your needs and if necessary we can finance your new home until it arrives on your site. Conditions do apply.
5% Payment Claim 1. Deposit, payable on signing the contract. The Home Starter Pack payments made are deducted from this claim
25% Payment Claim 2. Payable prior to the commencement of construction. Your new home is now ready for the factory construction phase to begin.
40% Payment Claim 3. Payable at lock-up stage. Your home is completed to lock-up stage in our factory – usually 4 weeks from the start of construction.
20% Payment Claim 4. Payable before leaving the factory. Your home is finished in our factory and ready for delivery – usually 8 weeks from the start of construction. All interior and exterior painting and the bathrooms and kitchen have been completed. Usually the floor coverings are also laid (depending on the home design)
10% Payment Claim 5. Payable on Practical Completion. All works have been completed and you are ready to take possession of your smart new Advance build home.