Obligation to Commence Construction

Construction must commence no later than 12 months after executing the purchase and sales agreement.

Obligation to Complete Construction

Construction must be substantially complete no later than the second anniversary after executing the purchase and sales agreement.

Construction Delays

Centron has the right extend the commencement date for all causes beyond the reasonable control of the purchaser and his or her builder except for lack of financing.

Compliance with Development Requirements

The purchaser is bound by architectural guidelines, grading and drainage requirements, municipal requirements and any competent authority and other obligations as per the agreement of purchase and sale with Centron.

Restrictions on Resale of lot by Purchaser

The purchaser cannot dispose of the lot prior to substantial completion of the house.

Availability for Sale

Except for any show homes, the single family home must be made available for sale upon or prior to completion.

Option to Repurchase by Centron in the Event of Default.

If the purchaser or a subsequent purchaser defaults or breaches its or his or her agreement and does not remedy that breach, then Centron shall have the option to repurchase on terms and pricing as detailed in the full terms and conditions.

New Home Warranty

Any builder selected must offer an Alberta New Home Warranty or a substantially equivalent warranty program.