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Job site theft

14 years ago

We are about to begin our new construction. If we carry the construction loan, are we responsible for job site theft? That has been going on a lot in our area with new builds. We haven't signed the contract yet...we've narrowed it down to two builders, and we haven't asked each the question, either. I wanted to get a feel for the answer here, first. Our architect is reviewing the two contracts and there's nothing that addresses theft. I think we should have something, hopefully in our favor, pertaining to theft.

One more thing...Since we are carrying the loan, I am trying to list EVERYTHING I can possibly think of on the spec sheets to be included in the contract. Good idea? Does anyone have an example to share of a completed or nearly completed list? I would greatly appreciate any help. We don't want any change orders. Builder x charges 22% of the total cost of a change. Is that average? We will ask that to be lowered just in case. Builder Y hasn't specifed...yet. I don't want to seem picky, but we're talking about a big chunk of money. We don't want to have to put out anything extra.

I guess there's one more tiny question. Builder x only wants his punch list to not exceed $1000. He's trustworthy, but what if we have a disagreement down the road? He'll walk away and tackle the next project. Right?They're not really builing around here but a lot or renovations are going on. Anyhoo, what's a good percentage to make sure we get the job done? Thanks so much for any advice. We've built before, but we've never carried the construction loan. It causes a bit more anxiety.

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