I am in the stages of reviewing and signing a building contract. I just wanted to check if this process seems ok:
- Obtain conditional finance approval from the bank (pre-approval)
- Sign building contract and pay 5% deposit
- Building plans submitted for council approval
- Approved building plans submitted to bank for unconditional finance approval
Do builders usually ask for the contract to be signed and deposit paid before they will submit plans to council? What happens then if the plans don't get approved? And is it normal practice to sign a contract without having unconditional finance?
Thanks in advance for any advice/experiences