The House Contracts Guarantee Act of 1987 is a piece of legislation in the United Kingdom that impacts home builders and buyers. The law was enacted to provide additional security for those purchasing new properties by setting out certain requirements that builders must meet.
Under the House Contracts Guarantee Act, builders must provide a written contract for any property being sold prior to construction. This contract must include several key pieces of information, such as the price of the property, any payment schedules, and an estimated completion date.
Further, the Act requires builders to provide a guarantee to all buyers that the property will be completed on time and to the agreed-upon specifications. If the builder fails to meet these requirements, the buyer may be entitled to compensation or other remedies.
The House Contracts Guarantee Act also provides additional protection for buyers in the event of a builder`s bankruptcy or insolvency. If a builder enters into liquidation or administration, the buyer may be entitled to a refund of any payments made toward the property.
In order to be covered by the Act, the property must be newly constructed and the buyer must be purchasing it from the original builder. The Act does not apply to properties that have been previously owned or to renovations or additions to existing structures.
As a copy editor with experience in SEO, it`s important to note that articles on legal topics may not be highly searched for compared to more general topics. However, for those who are interested in purchasing a new property, understanding the provisions of the House Contracts Guarantee Act can be essential to protect their investment. Additionally, those in the building and construction industry should be aware of the Act`s requirements and ensure they are in compliance to avoid legal issues or disputes with buyers.