KSL TV
LEHI With the price of lumber skyrocketing, real estate experts are warning homebuyers to pay close attention to contracts with builders and understand who is responsible for rising construction costs. Does the builder have the right to cancel? Does the builder have a right to increase the purchase price? Those are things that a buyer should be aware of and understand prior to even going under contract, said Kreg Wagner, legal counsel for the Utah Association of Realtors.
Wagner said sections of contracts that buyers possibly glossed over in the past are suddenly very important because of the intense competition for available housing in the state.