Conversations and correspondence I've had with FQ have led me to think that FQ are may try and petition the banks to release the final payment on Nov. 1 whether the apartment is handed over or not. I checked with my bank about the procedure for handing over the final payment to the developer and it is handed over when the developer says the unit is completed. I repeat, when the developer says so, not the customer or the customer and the developer.
As per the contract I have not received a 60 days notice letter from FQ saying they will be seeking another building completion extension (none of the others came on time either), but I highly doubt this building will be ready on Nov. 1. I urge you all to contact your banks and check what the procedure is for final payment to FQ. They should not get the final payment from the bank until the building is handed over in a livable state.
Additionally FQ need to give us 30 days minimum notice in writing – not email- of the completion date or the completion date is not binding. 30 days will be the end of this month if they are to make the Nov 1, 2009 deadline.
Conversations and correspondence I've had with FQ have led me to think that FQ are may try and petition the banks to release the final payment on Nov. 1 whether the apartment is handed over or not. I checked with my bank about the procedure for handing over the final payment to the developer and it is handed over when the developer says the unit is completed. I repeat, when the developer says so, not the customer or the customer and the developer.
As per the contract I have not received a 60 days notice letter from FQ saying they will be seeking another building completion extension (none of the others came on time either), but I highly doubt this building will be ready on Nov. 1. I urge you all to contact your banks and check what the procedure is for final payment to FQ. They should not get the final payment from the bank until the building is handed over in a livable state.
Additionally FQ need to give us 30 days minimum notice in writing – not email- of the completion date or the completion date is not binding. 30 days will be the end of this month if they are to make the Nov 1, 2009 deadline.