Browse Forums Building A New House Re: Finance at what stage with PD? 8Mar 28, 2008 11:13 pm Watch out for this one because when I signed the contract with PD there is a clause saying that proof of finance must be given 30 days before construction - its standard in the HIA contract. PD make it out to be no big deal but if they want to delay the construction start date this can be used as an excuse if it was given less than 30 days before the promised construction starting date. Re: Finance at what stage with PD? 9Apr 02, 2008 3:51 pm What happens if you will pay the project builder in cash and don't need finance? Just a bank statement? We don't own the land we are building on...its my parents house but we are going to knock down and build on it. Re: Finance at what stage with PD? 10Apr 02, 2008 3:58 pm A bank statement should be fine for the cash customer, but may need to be under your parent' s name, because they own land title. Re: Finance at what stage with PD? 11Apr 02, 2008 4:02 pm when I pour i reign What happens if you will pay the project builder in cash and don't need finance? Just a bank statement? We don't own the land we are building on...its my parents house but we are going to knock down and build on it. From what I understand the title must be in your name to be able to build on the land - otherwise the build would have to be in your parent's name. It gets complicated when others are involved. My parent's were willing to fund part of our construction and it became so messy they had to write it down as a gift otherwise they would be on the title, etc. Ray. Second Time 'Round Re: Finance at what stage with PD? 12Apr 02, 2008 5:13 pm If you are building with PD and are a cash customer they also ask you to pay an additional 10% up front which is kept in trust with interest paid. That becomes your final payment when you take handover. Even partical cash customers are made to do this. you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 54484 Not unless you have managed to put it as a special condition into the contract somehow. 1 6050 The fastest thing a builder will do is bank your cheque, those systems work perfectly with lightning speed, everything else is slow burn. Just the way it is. 1 8675 |