MULTISTATE CONSTRUCTION CONTRACT – Single Family – Fannie Mae HOMESTYLE MODEL DOCUMENT Form 3734 11/01
(page 1 of 7 pages)
Case Number: _______________________ Date: ________________
Borrower Name(s): _____________________________________ Phone #: _____________
_____________________________________ Phone #: _____________
THIS IS A MODEL DOCUMENT FOR USE IN RENOVATION OR CONSTRUCTION
LOAN TRANSACTIONS. THIS FORM IS PROVIDED AS AN EXAMPLE AND IS NOT
VALID AND ENFORCEABLE IN ALL JURISDICTIONS. LENDERS SHOULD
CONSULT WITH LEGAL COUNSEL TO ENSURE THAT ALL FORMS USED TO
ORIGINATE RENOVATION OR CONSTRUCTION MORTGAGES ARE
APPROPRIATE, AND THAT ALL LEGAL INSTRUMENTS ARE COMPLETED
CORRECTLY AND IN COMPLIANCE WITH APPLICABLE LAW.
THIS CONSTRUCTION CONTRACT (“Contract”) dated as of ___________, ______ by and
between ________________________________________________________ (“Owner”) and
Owner and Contractor, in consideration of the mutual covenants hereinafter set forth,
agree as follows:
Article 1. Work.
Contractor shall construct the items identified in Exhibit “A” (“Work”) in accordance
with the Contract Documents, as identified in Article 8 of this Contract on property which is
located at __________________________________________________________ (“Property”).
Article 2. Contract Time.
The Work will be completed on or before _________________ (“Completion Date”),
subject to modifications in approved Change Orders. The Completion Date shall be the date
when the Work is sufficiently complete in accordance with the Contract Documents so that
Owner can occupy or utilize the Property for its intended use (“Substantial Completion”). If
Owner will pay Contractor for all or part of the Work with funds advanced by a lender,
Substantial Completion shall be the date as defined by the loan documents. Before starting the
Work, Contractor shall submit to Owner for review an estimated progress schedule indicating the
starting and completion dates of various stages of the Work.
Article 3. Contract Price.
Owner shall pay to Contractor an amount equal to $___________________________
(“Contract Price”) for completion of the Work.