What to watch out for when Terminating a Build Contract?

Discussion in 'Legal Issues' started by H#1, 16th Jul, 2017.

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  1. H#1

    H#1 New Member

    Joined:
    11th Jul, 2017
    Posts:
    4
    Location:
    Sydney / Ipswich
    Hi there - I'm building a new home and the builder has lost their builders license as they are going out of business. This is in QLD - the QBCC site says their license is "suspended" but the company is not yet in liquidation / administration. All the people who were building homes with this company are submitting a Termination of Contract to the QBCC to get their insurance claims processed so the QBCC can appoint them a new builder to finish their homes.
    I've only paid for the Deposit / Slab / Frame stages (via a mortgage), and all are complete. This is an investment property so I'd like to get it finished asap.

    My questions to you, Property Chat brain trust, are:
    1. What are the "watch outs" that I need to be careful of as I go through this process with the QBCC?
    2. Any insight into how fast these claims get processed / how long it takes them to find / appoint a new builder?
    3. If I find a builder myself who can do it straight away, instead of waiting for the QBCC to appoint someone, what are the implications / watch-outs?
    4. Do you know any builders who might want to finish this job for me? (This is a pretty basic 4/2/2 single story home on flat land)
    5. Is it ok for a wooden frame to be exposed to the sun/rain and for how long before it is a problem? (this is in SE QLD - not FNQ)

    Just looking for anything to watch out for in this situation - and ideally how to get the house finished asap. Many thanks!