What is the name of your state?NC
We are currently building a custom home and have had significant overruns and delays. By the time we finish the construction we will be $150k over the original estimate the building gave us and 11 months into the process. I know of $50k that we have changed along the way but the other $100k has been due to poor budget and managing of cost. I was wondering if I should invest in a laywer before we close to represent us based off the following information in our contract?
Reads as Follows:::::
The Contract Price
The construction costs are estimated in the attached spreadsheet. Every effort has been made to accurately estimate the materials costs (quantity and cost); however due to volatility in material costs and over/under estimations, the final cost of the home may be more or less than the estimated amount. The cost of the home will not exceed 5% of the estimate with the provided allowances and specifications. If the final cost is less than estimated, the savings will be passed on to the Owner.
This means the building will have to eat - $85k of his overages????
Please advise.
We are currently building a custom home and have had significant overruns and delays. By the time we finish the construction we will be $150k over the original estimate the building gave us and 11 months into the process. I know of $50k that we have changed along the way but the other $100k has been due to poor budget and managing of cost. I was wondering if I should invest in a laywer before we close to represent us based off the following information in our contract?
Reads as Follows:::::
The Contract Price
The construction costs are estimated in the attached spreadsheet. Every effort has been made to accurately estimate the materials costs (quantity and cost); however due to volatility in material costs and over/under estimations, the final cost of the home may be more or less than the estimated amount. The cost of the home will not exceed 5% of the estimate with the provided allowances and specifications. If the final cost is less than estimated, the savings will be passed on to the Owner.
This means the building will have to eat - $85k of his overages????
Please advise.