DDH_Owner
2017-10-19 17:35:41
- #1
Hello everyone,
I came across this forum and have so far always seen very helpful tips and answers from the community :)
My wife and I want to buy a semi-detached house in Regensburg and have already received a draft purchase contract by mail from the notary. The construction company is more or less responsible for the entire new development area.
In our purchase contract it says:
"Construction start is planned for spring 2018, as soon as the weather permits. Completion is owed within 24 months after the start of construction."
On the internet you always read that you should negotiate a fixed date for ready occupancy and a contractual penalty. I wanted to negotiate this with the construction company as well, but without success, with the reasoning that in case of delay, compensation is regulated in the Building Code.
As far as I have seen, this is also correct.
Now to my concerns:
A "planned" construction start for spring 2018:
1. Does this mean that it is only "planned," but theoretically construction could also start in September 2018 (or, exaggerating, in 2019)?
2. What is the definition of spring? For me this is a rather flexible term (January - June).
Point 1) is especially important to me. Since we are closing financing with the bank and there is usually a 12-month interest-free provisioning period, I could end up paying a lot of provisioning interest if the construction company is not actually obligated to start building at the beginning of 2018.
I hope you can help me a bit and give me your opinion on this :)
Thanks in advance
DHH_Owner (hopefully)
I came across this forum and have so far always seen very helpful tips and answers from the community :)
My wife and I want to buy a semi-detached house in Regensburg and have already received a draft purchase contract by mail from the notary. The construction company is more or less responsible for the entire new development area.
In our purchase contract it says:
"Construction start is planned for spring 2018, as soon as the weather permits. Completion is owed within 24 months after the start of construction."
On the internet you always read that you should negotiate a fixed date for ready occupancy and a contractual penalty. I wanted to negotiate this with the construction company as well, but without success, with the reasoning that in case of delay, compensation is regulated in the Building Code.
As far as I have seen, this is also correct.
Now to my concerns:
A "planned" construction start for spring 2018:
1. Does this mean that it is only "planned," but theoretically construction could also start in September 2018 (or, exaggerating, in 2019)?
2. What is the definition of spring? For me this is a rather flexible term (January - June).
Point 1) is especially important to me. Since we are closing financing with the bank and there is usually a 12-month interest-free provisioning period, I could end up paying a lot of provisioning interest if the construction company is not actually obligated to start building at the beginning of 2018.
I hope you can help me a bit and give me your opinion on this :)
Thanks in advance
DHH_Owner (hopefully)