Browse Forums Building A New House Re: Timing of Last Progress Payment 2Jan 27, 2010 10:19 am A lot of builders won't give you the keys until you've handed over the final payment ... with the 2 I've used, you can identify faults at your final inspection and then the builder has 3 months to rectify. Often they use every bit of the 3 months too ! Built a Tribeca 44 with the Big M Sales Accept 15/06/09, Contract Signed 24/09/09, Site Start 23/11/09, Slab 11/12/09, Frame 12/01/10, Roof 20/01/10, Lock-up 30/03/10, Fixing 30/04/10, Handover 27/08/10. Re: Timing of Last Progress Payment 3Jan 27, 2010 5:21 pm Organise final payment as soon as the final invoice is received, after everything has been installed (not applicances, but everything else). You definately dont hand the money over but it will be very reassuring to know its ready.... Banks have different requirements as to what needs to be provided to start the final payment process rolling. Definately check in advance what they need. Ours required: * Signed payment authority like all the other progress payments * Occupancy Cert. * Final Invoice From what I understand it is an inspection to make sure that the house is there and all the expensive goodies you put in are there. Also another valuation. This process took us 10 working days and we were very very lucky (and lots of phone calls later) to get the cheque at 3pm on handover day. (I sent off for the final payment a week before 1st inspection, after the evap cooler and everything else was installed) Handover day usually goes: * Check defects in PCI are done and note down anything else * Goto bank and get cheque * Goto builders office give money, get keys. You dont need to do the cheque, you have the option of electronic transfer but you need to wait afew days for the funds to clear in your builders account before keys will be handed over. Thats why most do cheques I guess! Re: Timing of Last Progress Payment 4Jan 27, 2010 7:08 pm We are not upto that stage as yet,our broker told us ANZ will need to do a valuation before handing over the cheque for the final payment.What nonsense ,what happens if the chq is not issued on the day of handover? who issues a occupancy certificate? Is it issued with the final invoice. 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… 4 11881 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… 3 6690 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… 0 3604 |