Residential construction agreement

A residential construction agreement is made between an owner or owners of a property and a developer or an association of developers. This kind of agreement is basically used to give the developer the power to build a residential estate in the specified land when both the parties come under some agreements.

Sample Residential construction agreement

Owner’s Name: Mr. John Smith

Developer’s Name: Mr. Swiss Moore.

Date: October 23, 2010.

Terms and Conditions

  1. The developer has agreed to give possession of this property to the owner within April 23, 2012 which can further be extended for 30 days.
  2. The property must be handed over to all other owners of the apartments by August 30, 2012.
  3. The apartments, at the time of delivery, must have proper facilities of electricity, water and must be in a habitable condition.
  4. The entire expense of this project including materials, tools, equipments and labor charges will be borne solely by the developer.
  5. Once the possession is taken, the developer will not be responsible for any damage or maintenance of the apartments.
  6. The developer may go for bank loans for the completion of the project which will be solely borne by him.

___________________________                            _________________________

Mr. John Smith – Owner                                          Mr. Swiss Moore – Developer

Category: Construction Agreements

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