So alot of our blogger friends are in the process of handover, and it got me thinking, i have absolutely no idea of what is needed from me at this stage, or the sequence in which things happen, i know this might make me sound silly, but being a first home buyer I'm a bit confused and i am one of those people that like having things organised, or at least to know what is needed from me, So I'm going to send the question out to blog land, "What is the process and what is need from me to get to handover?"
Things i have been wondering? (they might be silly, i just don't know)
What is the banks part in the handover and what will i need to organise with them? ( atm we are just having them pay our invoices when we receive them from Metricon as we having a construction loan)
When settlement day comes, what is needed from me?
At what time should i have our last Independent Inspection go through?
Ect, If anyone can give me any good tips or info for this process that would be amazing!!
Thanks guy :)
7 comments:
Hey Tash,
I will answer according to my experiece :)
In terms of the bank you need to get your final invoice from Metricon ASAP (our SS had NOT organised ours at PCI and we chased it for days - SO infuriating.), which left our bank 4 days to organise to value the property and release the funds - which they did, thankfully!!
Forward it to the bank as soon as you get it and they value the property then will release funds. We chose to pick up a bank cheque and direct payment to M would take 3 days (time we didnt have!).
We had our inspector go through close to when we had PCi from memory.
On settlement day you just have to make sure you have the cheque or payment has been made to M, and you need to go through the house to make sure all items raised at PCI are fixed or will be fixed (in our case there were a lot as we pushed for handover)
Don't forget to organise your home and contents insurance :)
We are in NSW so not sure if anything differs in VIC.
Good luck and enjoy!
Hey there Tash,
I think it depends a bit on your bank. We're with "which bank" and we've had nothing but dramas, although our loan set-up is a bit tricky coz we've still got the old house and have to partially discharge that mortgage.
Anyway - we received our final invoice about 5 weeks ago which needed to be endorsed and faxed as normal. They then ordered the final valuation, which happened last Thursday.
At PCI (or thereabouts) you'll get your occupancy certificate from Big M. This needs to go to the bank along with proof of building insurance that names your lender on the policy. Both of these should go to the bank a little more than 7 business days before settlement.
When the bank get these, they then arrange for a bank cheque to be prepared up to the remaining balance of the loan and also subject to the valuation of your house.
For example, if you borrowed say 90% of what they deemed the property to be worth when they made the loan "offer", and you paid mortgage insurance on that amount (or percentage really) then thats what they will pay up to based on this final valuation. Try not to stress too much about this though, as they appear to be conservative in their initial contract valuation compared to the final valuation.
Anyway, once all that is done, they ask you which branch you wish to collect your bank cheque from. To be on the safe side, we've asked for ours on Tuesday to give 2 spare days to sort out any garbage that may arise!
If you had PCV's that haven't been taken up in any of the invoices to date,you may need to pay those direct to the builder. We're in this boat, so I'll just get a bank cheque to cover these when I collect the main bank cheque next week.
Bloody long explanation - sorry about that Tash! We need to have another Avenue dinner so I can share in person :)
Thank you so much Reinsey and Shayne, its great to know what i have to get ready for, im litteraly blind to what i need to have done and you have know idea how much all your imforation helps me!!
Reinsey i was just thinking today that we need to do dinner or lunch again really soon we need to round the girls up :)
Sorry, I am mo help at all, last settled on a house 32 years ago, so it's news to me as well!
I reckon dinner sounds great!
Metricon sends outs a letter outlining things that need to be organised after handover, like bins, gas, electricity it's fairly comprehensive. I'm on QLD, not sure if they do it differently there.
Seems everyone has it covered Tash....anyway, with many of us moved in around you - can always scream for help when closer.
Start researching fences (neighbour contacts), driveway/paths and window furnishings allowing time for measure/quote and delivery.
Guess you'll have all those brothers to help move and won't have to rely on Indian Removalists with flat battery's!!
Lol Jainie, hopefully this helps you to then :) Dinner is a must i say!!
Thanks JayJay i hope we receive this letter too, i could imagine it being very helpfully!!
Thanks Deb, lol no indian movers for me, just a bunch of italian boys ;) and i hope no flat battery's!!
Post a Comment