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A speculative building project is when a builder builds on land that they own, and they intend on selling that property to a prospective client.
Accordingly, these legislative changes will provide confidence to builders as to whether their project will be considered as a speculative build.
The Building Act will define a ‘speculative builder’ to be a building practitioner who carries out ‘speculative domestic building work’.
The Act will further define speculative domestic building work to mean:
In addition to providing a definition, the amendments will also introduce new insurance requirements necessitating the speculative builder to purchase a domestic building insurance (DBI) policy.
Not unlike how DBI operates in typical building scenarios, the policy is for the benefit of the prospective purchaser, as opposed to the builder.
The policy will take effect either on the date of paying for the insurance, or on the date the building works commence – whichever occurs first.
Builders who engage in speculative building or are thinking of expanding their business are encouraged to evaluate their current business structure and practices before the changes take place.
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