Browse Forums Home Finance 1 Jun 03, 2015 10:55 am Hi All, I am about to build and have got a conveyancer for the land side of things, I have asked her if she can do the settlement of the building and construction as well. She said that I will not need one and that it is simple. Since it is construction loan, basically when the builders ask for payment, I just need to make sure they have done what they said they will complete before the next lot of funds are sent. So do I really need a lawyer/conveyancer for this stage? Any advice or comments is much appreciated. Paul Re: No Lawyer/Conveyancer for the construction Loan? 2Jun 03, 2015 2:22 pm A conveyancer typically conveys the title of the land from the builder to your name. You can pay them more to look over the building contract if required but this will be additional to the fees they charge. You don't need a lawyer when making progress payments, just building inspections. Re: No Lawyer/Conveyancer for the construction Loan? 3Jun 03, 2015 3:40 pm Hi Jas0nt, That makes sense, other friends of mine have got lawyers rather then conveyancers and they are doing both the land & building contract that is why I was a bit worried that I will need to fork out more money to get a lawyer. Thanks for the info. I will get my conveyancer to look over the building contract and I will handle it from there. Re: No Lawyer/Conveyancer for the construction Loan? 4Jun 03, 2015 5:42 pm Yeah, once you have the construction loan in place, its a matter of the builder providing you with the invoice at each stage and you passing it on to the lender along with a progress payment form request. They will then pay the builder. Cheers Tom Re: No Lawyer/Conveyancer for the construction Loan? 6Jun 13, 2015 1:17 am if you aren't comfortable at being able to understand the building contract then it may well be worth having a lawyer look over it (I think you will find a conveyancer cant give you legal advice on a building contract as they are really as mentioned just about transferring titles between parties). After signing the contractor then you should be able to just sort out the payments with your lender and not need a lawyer unless you run into defect issues with the builder. Personally I paid a little bit extra to have my conveyancing done by a lawyer as I think it provides a little bit more security if we run into any issues over the land sale. I don't intend on getting the lawyer to look over the building contract though as I have a family member who is in the building game and I am confident between us we can understand the HIA contract my builder will use. Also I am using a mortgage broker that does alot of construction loans so they will be able to deal with the lender if there are any issues in regards to progress payments. Building the Cordova One with McDonald Jones at Calderwood Valley, NSW: http://calderwoodvalley.blogspot.com.au/ Mofflepop, Are you building around Qld Manly? Building & Legal is a partnership between a construction guy and a construction Lawyer. Construction: we have… 9 25579 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19108 You may still have a case, but your next step is to speak to a lawyer. 3 1639 |