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The mere failure to make inquiry, even though there be suspicious circumstances, does not constitute bad faith, unless said failure is due to the deliberate desire to evade knowledge because of a belief or fear that inquiry would disclose a vice or defect in the transaction, – that is to say, where there is an intentional closing of the eyes ...
In construction contracting, a latent defect is defined as a defect which exists at the time of acceptance but cannot be discovered by a reasonable inspection. [2]In the 1864 US case of Dermott v Jones, the latent defect lay in the soil on which a property had been built, giving rise to problems which subsequently made the house "uninhabitable and dangerous".
Construction law builds upon general legal principles and methodologies and incorporates the regulatory framework (including security of payment, planning, environmental and building regulations); contract methodologies and selection (including traditional and alternative forms of contracting); subcontract issues; causes of action, and liability, arising in contract, negligence and on other ...
A construction-to-permanent loan — also known as a one-time, single-close or construction-perm loan — is a type of mortgage for those building a home. It funds the purchase of land and the ...
Construction loan interest rates are often higher than the rates for a regular mortgage. While you can get an FHA loan with a relatively low credit score and down payment, a better score and a ...
Failure to pay property taxes – Getting in arrears or disregarding property taxes allows the state or municipality to place a lien on your home. Lenders don’t like that, since they’d come in ...
Shortly after construction was completed, Holmdene's bricks "were beginning to crumble and decompose," [1] manifesting a condition known as "efflorescence," which threatened the stability of the entire edifice. The affected walls were perforce demolished, and Roberts sued for consequential damages arising from the breach of the contract.
Major defects can result in the product's failure, reducing its marketability, usability or saleability. Lastly, minor defects do not affect the product's marketability or usability, but represent workmanship defects that make the product fall short of defined quality standards. Different companies maintain different interpretations of each ...