HOME CONSTRUCTION AGREEMENT (with real estate) THIS AGREEMENT is made at _________, ____________________, effective __________, 20___, by and between, _____________________________, an ____________________ corporation, (hereinafter the "Contractor"), and ________________________________________________ (hereinafter the "Owner" whether one or more.) 1. CONSTRUCTION: Contractor shall furnish all labor, materials, equipment and supplies and do all things necessary for the construction and completion of a residence for Owner located in the city/township of _______________, of __________ and Street Address of ______________________________, (hereinafter the "Residence"), in accordance with the provisions of this Agreement and the other contract documents referred to in paragraph 2 of this Agreement, (hereinafter collectively the "Contract Documents"). CONTRACT DOCUMENTS: This Agreement shall include the following "Contract Documents", each of which has been initialled concurrently with the execution of this Agreement, in duplicate, by Contractor and Owner, and all of which are hereby incorporated herein by reference: (a) (b) The Specifications dated __________, 20___, which are attached hereto. The Plans as shown on the drawings dated ____________, 20___, which are attached hereto.
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If any inconsistency shall exist between the Specifications and the Plans and/or any other documents or drawings, the terms and conditions of the Specifications shall control. 3. CONTRACT PRICE AND FINANCING: (a) Owner shall pay Contractor the amount of $_______________, (hereinafter the “Contract Price”), for the complete construction of the Residence in accordance with the provisions of this Agreement and the Contract Documents, subject to adjustment by any properly made Change Order(s) which will be payable as follows, and/or as otherwise specified herein: _______________ in nonrefundable cash on the date of the execution of this Agreement. in cash prior to the commencement of excavation. in cash at closing. to be financed by a conventional first mortgage at a local lending institution.
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Owner shall secure financing within _______ (___) days after the date of this Agreement. Owner agrees to use his or her best efforts to obtain such commitment within said _____ (___) day period, and shall notify Contractor of such fact within _____ (___) days after the expiration of said ______ (___) day period. If the required mortgage financing commitment is not obtained or if this is not waived by Contractor or extended by Contractor, this agreement shall become null and void and all funds deposited hereunder, less any funds due Contractor for any provisions in this Agreement, shall be returned to Owner and thereafter, neither party shall be liable to the other hereunder. 4. FINAL PAYMENT: Final payment shall be due and payable to Contractor upon Contractor's substantial com