The Legal Document That's Going To Protect You
Why The SPA Is The Most Important Document
Category: Pt 3: Getting Legal | Tags: Documents, Finance, Government, Legal, SPA, The Journey
The SPA is a contract between both you and the developer. It’s the most important document because it officially outlines the commitments that the developer must fulfill. Developers are not allowed to change the terms once the SPA is signed, so this little legal document is going to hold them! But remember, once you sign the SPA, the deal is done. Signed, sealed and delivered. Both parties will not be able to negotiate further and must respect the terms! So let’s take a look at what this golden document is going to contain.
Make sure that you’re getting the exact home you’re buying. The last thing you want is a home with a missing room. Imagine the horrors you’ll have to deal with.
Terms of Payment
You will have a timeline of when a payment is due and how much you’ll need to pay. This will help you plan out your finances and avoid any late payment penalties.
This is very very important! It tells you when the developer is supposed to deliver your brand new home and its keys. If they don’t deliver your home in time, they will need to reimburse you! So mark that lovely date on your calendar.
Defect Liability Period
This is included in the SPA for brand new homes because it’s essentially a warranty from your developer. If there are any issues or defects in your home, they will fix it up for you.
So take your sweet time to go through the details, make sure you understand everything in the SPA before signing the dotted line. If you’re unsure, remember to get in touch with your lawyer or developer! If you bought a home from yours truly, don’t hesitate to give a call and my team and I will walk you through it on the phone or at our sales gallery.