Contracts
What is a 'construction contract' in Nevada real estate and how does it differ from a purchase contract?
AThey are the same type of document
BA construction contract governs the building of improvements (new home, renovation) and specifies materials, scope, timeline, and payment; a purchase contract governs the sale of existing real property✓ Correct
CA construction contract is not regulated in Nevada
DA purchase contract includes all construction work automatically
Explanation
A construction contract is a separate agreement governing the design and construction of improvements. It addresses scope of work, specifications, change orders, payment schedule, liens, and warranties. In Nevada new home sales, buyers often sign both a purchase contract for the land and a construction contract or purchase agreement for the new home.
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