Buying Process

An easy guide to understanding the buying process of land.

An easy guide to understanding the buying process

Thank you for considering land at one of our developments as your perfect community in which to build your dream home. To assist you, we’ve prepared our overview of the land purchase process in ten easy steps.

1.Understand your budget

It is important to consider your budget for the overall investment in your new home and land. Speak with your chosen builder and our sales team to understand the costs involved to see your project through to completion.

2. Confirm your finances

Securing pre-approval for finance required to meet your budget, provides a firm indication from your lender/broker as to how you can borrow. It is important to keep in mind that this expires and may need to be renewed. Pre-approval gives you the freedom to purchase your ideal lot, with the peace of mind that your finance is already organised.

3. Select your conveyancer / solicitor

You will need to select a conveyancer to handle the paperwork involved with your purchase and oversee the settlement process, so now is a good time to make initial enquiries with these professionals.

4. Choose your block of land

Contact our sales team to help you select a block of land that best suits your requirements and budget. Be sure to discuss your preferences with your builder to ensure that your block complements your chosen house design.

5. Prepare the contract of sale

The contract of sale outlines the terms and conditions of sale including the price, deposit amount, desscription of the property and settlement period. The contract will include any other conditions specific to your block purchase and a copy will be issued to your conveyancer. Following agreement from both parties on the price and conditions of sale, both the purchaser and seller will sign the contract of sale electronically with DocuSign.

6. Payment of initial deposit

Upon signing of the contract you will be required to pay an initial $1,000 fully refundable holding deposit. This deposit is payable by EFT into the Developer’s solicitor’s trust account. Your chosen block of land will then be taken off the market. A balance of deposit would need to be further paid as detailed in your contract.

7. Payment of balance deposit

A 10% contract deposit, inclusive of any holding deposit that has already been paid, will be required to be paid by the purchaser as detailed in the contract, into the Developer’s solicitor’s trust account until settlement.

8. Cooling-off period

If you purchase a block of land you are entitled to a colling off period. The cooling off period is five business days from the day that you receive a copy of the contract signed by both parties. During this time, you can withdraw from the sale without being legally vulnerable. If you withdraw from the sale after the cooling-off period, you may be liable for penalty charges.

9. Finalise loan approval

You will need to formalise your funding and sign all mortgage documents. Your bank’s lender or mortgage broker will guide you through this process.

10. Settlement

If at the contract date the land is already registered with Titles Queensland, settlement will take place on the date specified in the contract.

 

Where the land you are purchasing has not yet been registered, you will be entering into what is commonly referred to as an “off the plan” contract. These contracts include a clause that confirms that settlement shall be subject to the registration of title on the lot. The contract will specify that you have a certain number of days, typically 14, to settle once notice of registration is received, provided that all other contract conditions have been satisfied.

DISCLAIMER: This document has been prepared by Rural Land Group. It is a guide only and is not legal advice. It does not constitute an offer and is subject to the terms of any sale and/or construction contract. While all information gathered from sources deemed reliable, we do not guarantee the accuracy of this information, nor do we accept responsibility for any action taken by intending purchasers in reliance on this information. Intending purchasers should make their own enquiries and obtain their own advice.

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