Browse Forums Building A New House 1 Dec 02, 2013 9:14 pm hi, Can someone throw some light on clause"subject to finance"? we are planing to build home with burbank and sales person says NONE of the builders has clause "subject to finance" Though nobody would prefer to walk away from the contract considering all the time and effort spending on working towards making sure house is as per our choice.. but it seems to be quite risky.. am I the only one feeling recluctant. any suggestions? also burbank's website says house would be build in 18 weeks.. does anyone has experience of burbank sticking to their commitments? Re: williams landing new home building 2Dec 08, 2013 1:55 am Just signed a contract with burbank. the standard building contract doesn't have the clause of subjecting to finance to the contract, but burbank will add this as one of their special conditions. they would not start building without your finance approval anyway, and if you fail to finance, they will charge you for the paperworks, soil test, etc. that they done for you. Re: williams landing new home building 4Dec 08, 2013 5:07 am I suggest you better work out your budget in first place and make sure that you have some extra money prepared. I have just gone thru this discussion with my builder and listed fees that I need to pay in case I decide not to build at last minute or in case I cannot get sufficient funding for my build. It is better to have these in black and white in first place to avoid confusion later. I am not sure if Burbank will do that thou. Re: williams landing new home building 5Dec 08, 2013 5:15 am Hi snowing.. thanks. As per my understanding there are no other fees except deduction of cost for preparing contract. Wont this come in picture even when finance clause is there in contract? Re: williams landing new home building 6Dec 08, 2013 5:22 am That really depends on what have been done before your "subject to finance" take place. ie: you might get finance at the very beginning like house and land package. The fees will only be the one for preparing contract etc. For me, my stopping point is before getting building permit. So all fees associated with planning permit, concept plans, engineering plans..etc. will jump in. Those will cost well over 10k. So this is something for you to think about. Re: williams landing new home building 7Dec 08, 2013 9:05 pm Senorita Hi trambay, thanks. This helps. The salesperson was giving me a different story.. but i will push towards adding this clause. No need to push, they will insert this clause no matter you want it or not, LOL... When you pay the $1000 deposit and tell them you want to go ahead, they will ask for a finance pre-approval from you lender, when they get this they can accept your work and do the soil test, engineering, drawings, color select, preparing contract etc.... As said, they would not start any construction without the formal finance approval. You better choose a design and negotiate a good quote include everything for building that design on your land, make sure leave some room for upgrading things when doing color selection, some of their standard fittings are not very appealing. I just changed a few things, easily add $2500 more onto the contract price So far they are good, so far. 2 2937 I am looking to design an entry door to a lower ground basement that has 2200mm between the external entry height to FFL of the ground floor. This door will provide an… 0 11370 Is it just a report written to give to the bank initially and it is based on what and how your payments are made up for, or is it a full service where they go out and… 2 5604 |