Posted on 29 July 2020

Build your own house

Construction of a single family house

In order to relieve yourself of the responsibility and execution of the construction work, supervision and coordination of the trades, you can fall back on the quite common formula of the “turnkey house”.  The company to which you entrust your construction work, assigns and coordinates the work, monitors and guarantees the deadlines and the quality of the services. You conclude a purchase or construction contract with the client at a contractually agreed price. A set of specifications, which is an integral part of the construction contract, provides you with details of the work, supplies and work to be carried out. This contract is drawn up in accordance with the law and obliges the client to comply with certain building regulations. It contains a description of the work and deliveries, the agreed total price and possibly the restrictions and conditions under which this price may be revised. In order to avoid any delay in the work, the date of commencement of work and the deadline for completion are usually also indicated. As a rule, a compensation for delay is specified. In case of a sale in the future percentage of completion (VEFA), you benefit from a bank guarantee. This guarantee obliges the bank to pay the invoices in order to complete the building, for example in the event that the contractor goes bankrupt during construction. When the keys are handed over, a final report is signed between the parties, recording the completion of the works and the proper execution as described in the description. All defects or shortcomings are listed in the report and it is recommended that they be recorded by the seller, who, by signing the report, undertakes to carry out the work as quickly as possible. The final report, countersigned by both parties, is then handed over to the Bank, releasing it from the completion guarantee. The law provides for a guarantee of two or ten years. It covers all hidden defects for 2 years (finishing work) or 10 years (structural work). It comes into force on the date of handover of the keys.

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