new home build - variations out of pocket
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i am starting a new build with metricon. the HIA contract was initially signed and I have come upto a 50k of variations on top of the initial contract. The bank had approved my loan on the initial contract. So I am planning to spend the variations out of pocket. My question is that Metricon is going to ask payments in stages 5%, 20%, 20%, 25%, 20%, 10%. Can I plan to send the variations in these stages too ? (i understand that this is a question for my lender, and i am planning to ask them). I wanted to check if anyone had paid variations in stages.
The reason for the ask, is I understand the lender would want to exhaust my cash before they pay. And I agree to do this for the original contract and not for the variations. Any comments ?
Most were in the fixing stage, but a couple were at the slab stage.
Check the variation document and see if it states anything.
All of my variations stated which stage they had to be paid in.
Most were in the fixing stage, but a couple were at the slab stage.
Check the variation document and see if it states anything.
Most were in the fixing stage, but a couple were at the slab stage.
Check the variation document and see if it states anything.
thank you.
The HIA contract states that a variation "...must be paid for with the next progress payment, except that any credit to the Owner will be deducted from the Final Payment."
thank you.
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