Browse Forums Building A New House 1 Apr 23, 2018 1:38 pm Hi All, I'm wondering how did you pay the final payment before handover. What option should I opt.? We have really tight schedule as our rental lease is ending extremely close to the time of expected handover. - Request bank cheque and handover to the builder after we are satisfied with all defects? If so, do they need to wait for the bank to cleared fund and have money in their account before they handover us a key or builder will handover us the key at the same time as handover? - Let the bank pay to builder account same as other stages. Let bank pay builder as soon as we received an invoice then handover when it's ready? Thank you for your suggestion. Re: Final Payment method 2Apr 23, 2018 3:47 pm Introaim Hi All, I'm wondering how did you pay the final payment before handover. What option should I opt.? We have really tight schedule as our rental lease is ending extremely close to the time of expected handover. - Request bank cheque and handover to the builder after we are satisfied with all defects? If so, do they need to wait for the bank to cleared fund and have money in their account before they handover us a key or builder will handover us the key at the same time as handover? - Let the bank pay to builder account same as other stages. Let bank pay builder as soon as we received an invoice then handover when it's ready? Thank you for your suggestion. We paid the last stage via a bank cheque, they handed the keys over straight away rather than waiting for it to clear. I think that's how most builders ask for it be done. Building a Kew 28 with Porter Davis Re: Final Payment method 3Apr 23, 2018 8:49 pm I thought that's how it's done too. However, I asked my builder today, they said they've never seen anyone using cheque (my builder has got quite good and long reputation of more than 50 years in business). They said if we got cheque, we need to deposit this to the bank and wait for it to be clear before we can collect the key. I was a bit shock as all related topics in any forums I've read suggested the way you told me. I'm getting confused right now. Re: Final Payment method 4Apr 23, 2018 8:50 pm I thought that's how it's done too. However, I asked my builder today, they said they've never seen anyone using cheque (my builder has got quite good and long reputation of more than 50 years in business). They said if we got cheque, we need to deposit this to the bank and wait for it to be clear before we can collect the key. I was a bit shock as all related topics in any forums I've read suggested the way you told me. I'm getting confused right now. Re: Final Payment method 5Apr 24, 2018 9:22 am A bank cheque is effectively a cash cheque therefore on most occasions, when you pay via bank cheque you do not need to wait for it to clear as the funds will have already been debited from you account/loan. We paid via bank cheque for our handover. Handed over bank cheque and received the keys at the same time. Re: Final Payment method 6Apr 24, 2018 12:41 pm Introaim I thought that's how it's done too. However, I asked my builder today, they said they've never seen anyone using cheque (my builder has got quite good and long reputation of more than 50 years in business). They said if we got cheque, we need to deposit this to the bank and wait for it to be clear before we can collect the key. I was a bit shock as all related topics in any forums I've read suggested the way you told me. I'm getting confused right now. The way your builder is doing it makes sense. Bank cheques can be stolen or forged and they are certainly not the same as cash or a cash transfer. However most builders do seem to treat them the same as being cash, as do plenty of other businesses despite the fact that they are definitely not. Building a Kew 28 with Porter Davis Re: Final Payment method 7Apr 24, 2018 2:08 pm Thank you. I wish my builder think and do the same as other. I deposited cheque to their account yesterday early morning and check with them today. They said there is nothing in their account statement so we have to wait until Thursday is we're lucky that cheque is cleared then we can collect the key. It's quite frustrating right now. 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 12499 Hey Buddy I am so sorry to hear. I have been going through something very similar. In our case a client owed us circa $200k for the final payment and moved in without… 2 2383 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 7212 |