Question to the builders - currently have a construction loan in progress and the bank has a final payment to make to the Builder, however, the bank will not make the payment to the builder until the final occupation certificate has been submitted, however, the builder will not submit the final occupation certificate until the payment has been made to him by the bank.
Now, what is the correct process for this from a builders point of view?
Construction loan
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Question to the builders - currently have a construction loan in progress and the bank has a final payment to make to the Builder, however, the bank will not make the payment to the builder until the final occupation certificate has been submitted, however, the builder will not submit the final occupation certificate until the payment has been made to him by the bank.
Now, what is the correct process for this from a builders point of view?
Now, what is the correct process for this from a builders point of view?
Hi
Not sure where you’re located but I’m in Sydney and all we needed to do was provide an interim occupation certificate (IOC) from the builder and that was enough for them to release the final payment.
We were able to receive the final OC once we completed landscaping, fencing, letterbox and washing line.
Hth.
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