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About Me
Elizabeth joined her father's successful real estate team at RE/MAX in 1999. Since then, the dynamic father/daughter duo has consistently been top producers in the area. In 2006, they were ranked the # 1 RE/MAX Team in Alabama with over $59MIL in sales! Their success is built on a foundation of honesty; experience; extensive real estate and area knowledge; first class service; and understanding the need to evolve in an ever changing high tech real estate industry!
The two specialize in investment and luxury gulf front properties! They are also experienced in local commercial development and have represented numerous developers as their exclusive agent. Visit http://www.buythebeach.com to learn more or call anytime - they are available 24/7!
Areas served: Gulf Shores, Fort Morgan and Orange Beach, Alabama; and Perdido Key, Florida! Areas of Expertise: Gulf Coast Development, Investment Real Estate Sales, Residential Sales (condos and houses), Resort & Vacation Property Sales, Commercial Development and Golf Course Acquisition.
The two specialize in investment and luxury gulf front properties! They are also experienced in local commercial development and have represented numerous developers as their exclusive agent. Visit http://www.buythebeach.com to learn more or call anytime - they are available 24/7!
Areas served: Gulf Shores, Fort Morgan and Orange Beach, Alabama; and Perdido Key, Florida! Areas of Expertise: Gulf Coast Development, Investment Real Estate Sales, Residential Sales (condos and houses), Resort & Vacation Property Sales, Commercial Development and Golf Course Acquisition.
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Elizabeth Helton answered:
Elizabeth Helton answered:
I have not seen a pre-construction contract with a must be completed by date or CO clause, but I have seen a clause in a pre-construction sales contract that forces a developer to commit to building a development. It is my understanding that Alabama State Law requires this clause to be in pre-construction sales contracts.
For example, you go under contract in Aug 2005...the clause in the contract states that the developer must start construction or commit to starting construction by a certain date (Sept 2006). If it is after that date and the developer has not committed to starting construction or begun construction then the contract could be void...unless he has an addendum or a new contract signed by you extending this time.
I have personally seen this happen several times over the last several years. Pre-construction sales obviously take longer than they once did and this is a way for a developer to not be able to keep you under contract forever. Most developers will not commit to build unless they have enough pre-sales to feel comfortable about moving forward.
As always, get expert advice from a real estate attorney!!
Hope this helps!!
For example, you go under contract in Aug 2005...the clause in the contract states that the developer must start construction or commit to starting construction by a certain date (Sept 2006). If it is after that date and the developer has not committed to starting construction or begun construction then the contract could be void...unless he has an addendum or a new contract signed by you extending this time.
I have personally seen this happen several times over the last several years. Pre-construction sales obviously take longer than they once did and this is a way for a developer to not be able to keep you under contract forever. Most developers will not commit to build unless they have enough pre-sales to feel comfortable about moving forward.
As always, get expert advice from a real estate attorney!!
Hope this helps!!
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