Completion, final inspection and payment
When work is completed a final inspection will be carried out to ensure that it complies with the New Zealand Building Code. A Code Compliance Certificate will then be issued and you can move in.
Most contracts allow for the final payment to be held back for a certain period after building is completed. This ‘withholding sum' is a percentage of the total price that is not paid until you have had a chance to live in the house and take a closer look at the work. If any problems or defects come to light during this period the builder is obliged to fix them.
If you are working with a Registered Master Builder and have the Master Build Guarantee, the work and materials are guaranteed for either 3 or 5 years, so no withholding sum is required.
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