Post-Construction Videos
It is now common for a purchaser to video record the "walk through" of a project, to document on video the items that will result in a "punch list" of problems that the contractor will have to correct prior to closing.
If the problems identified during the walk through cannot be corrected prior to the closing time, the amount of money to correct the problem is withheld by the closing agent at the time of closing. Once the problem is corrected to the satisfaction of the new owners, the closing agent is obligated to release the remaining funds to the contractor.
Many times the video will actually be played at the closing agent's office with all parties present. It is used as a tool to force the contractor to correct the deficiencies and it also proves to the closing agent that they are justified in withholding a sufficient amount of funds to assure the new owners that the home will be completed according to the terms of their contract.
Going back to the construction draw subject: many homes are built without the new owner present. The video showing the progress of their home under construction can be used to assure the absentee home buyer that their home, indeed, is actually being constructed, and to the proper degree of construction standards. This type of video is very prevalent for vacation homes (such as in Florida, in the mountains, or on the beach) where people usually are not even present in the state where the home is being built.
Stockton Legal Video Services is a member of the Builders Exchange of Stockton.
