Okay, I gotta play dumb for a sec. I'm new to this so I just wanna check that this is how things are done.
Saturday we left a $1000 deposit both with PD and land vendor.
I was given the contract by the land people and told to come back Wed to sign and pay the rest of the 5% deposit.
Took the contract to a conveyancer this morning. Was told to get full approval from bank within 2 weeks so the date can be put on the contract before signing. Also was given a clause regarding soil tests as there is fill on the land. So I contacted PD and was told soil tests are usually done within 2 weeks.
So I have to sign this wednesday (for land) and get soil tests and official approval (only got pre-app at the moment) by about the 5th Aug. So do you normally have to get full approval and so forth from the bank within a short time of signing the land contract? So once I sign I have to formally apply with the bank to get the finance approved within 2 weeks of signing. Does this sound right? Never had to do this stuff before. Is this so that if the official approval doesn't go ahead for some unknown reason, you can get out of the contract?
Thanks everyone