Rehabbing Contract Wording Help Please.
Hello
I am taking bids on rehabbing my first house. I have just about finished the contract. I want to put in a Penalty Clause because contractors that charge a certain amount per day for each day he is over the date that he said he would be done. I am thinking the penalty would be about $100.00. I need a little help wording this clause.
Thanks
MrBossman
Do not use the word penalty, but do use "Contractor to pay liquidated damages of $100 per day for each day beyond agreed completion date".
$100 per day is a reasonable amount and should work well. You can do an internet search as to various applications of liquidated damages.
Thanks Happy
My nieghbor (in San Diego) did it for around $100 a sq ft...
Thanks! That helps at least get an idea of what it would take...
Anybody else?!?
[addsig]
I list with a flat rate MLS service and then offer 2.25 commision. I pay $599 for the listing and then it works just like a any other listing, except I am the selling agent(FSBO)
My agent and I just worked out a deal where
she is listing my houses on the MLS for 1%.......(FSBO), for that fee she does all the paper work and comes to closing............ if another agent sells it.....they get 2.5%. If she is the selling agent then its a straight 3%.
NC