Hi All,
I have received a mail from builder saying that practical completion inspection date is 22-02-2018.However i have recevied a final invoice today to forward to bank.
Not sure whether i should submut this to the bank before my private builder inspector inspect the house.
Is this how normally the final progressive payment works
Please advise
Thank you
Final progressive Payment
Page 1 of 1
Upon receiving the final stage invoice for payment. your bank will do a valuation and inspection before they release the final amount. So, it can take longer than previous payments for the bank to provide the funds (ie to do their valuation etc and get a cheque to you to hand over at completion). So, the builder will provide an invoice early to send to the bank so that they can start their process, so handover is not delayed due to the bank. That's what ours did anyway.
Just get the bank to give you a cheque for the final payment so you can hand it over when you are ready, rather than getting the to pay the builder directly when they want to (which may be too early).
Just get the bank to give you a cheque for the final payment so you can hand it over when you are ready, rather than getting the to pay the builder directly when they want to (which may be too early).
Upon receiving the final stage invoice for payment. your bank will do a valuation and inspection before they release the final amount. So, it can take longer than previous payments for the bank to provide the funds (ie to do their valuation etc and get a cheque to you to hand over at completion). So, the builder will provide an invoice early to send to the bank so that they can start their process, so handover is not delayed due to the bank. That's what ours did anyway.
Just get the bank to give you a cheque for the final payment so you can hand it over when you are ready, rather than getting the to pay the builder directly when they want to (which may be too early).
Just get the bank to give you a cheque for the final payment so you can hand it over when you are ready, rather than getting the to pay the builder directly when they want to (which may be too early).
Thank you
Related
3/10/2023
4
regardless, your contract stipulates a payments schedule and SOPA doesn't give provision to that scenario. Your contractual terms appear to stand. Hence get a lawyer, it…
9/10/2023
3
There is no reason why building contract reconciliation cannot be done prior to handover, if the builder won't do it get someone to do it for you. Why would you pay for…
25/02/2024
0
1) I had requested R6 ceiling insualtion batts, however I noticed that on some areas there are huge gaps which will allow hot air to sweep in, and also noticed black/grey…