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Pro tip: get your builder's payment schedule checked by a lawyer, mine had a $22k trap buried on page 4
We signed with a builder in Franklin, TN back in March and the schedule looked normal at first glance, deposit then draws at each phase. Our real estate lawyer read it for $300 and found a line saying the final 15% ($22k on our build) was due at 'substantial completion' which the contract defined as drywall hung, not finished. That means we'd owe the last big chunk while the house still had no fixtures, no paint, no flooring, and basically zero leverage if he walked. We got it changed to final payment at certificate of occupancy and he grumbled but signed anyway. Read every definition in your contract, not just the numbers, has anyone else caught something like this hiding in the fine print?
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loganburns7d ago
Did you also check who pays for the survey and permits if the deal falls apart? My cousin got stuck with $4k in site work fees because the contract said those were non refundable once the dirt got moved.
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