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The land buying process



After you’ve established what you’re looking for, spoken to your financial institution and found a homesite you like, you’ll be ready to purchase your new property.

You’ll find sales representatives available at all of Peet’s communities to outline this process.  

The steps will include:

Preparing a contract of sale

This is the written agreement outlining the terms and conditions of the sale, including the price you are offering, the settlement period and any special terms or conditions. The contract of sale will either be made as:
  • an unconditional offer, usually when the purchaser has cash available immediately; or
  • a conditional offer, which nominates specific conditions on which the sale relies, such as securing finance or the sale of an existing home
When both you and the seller are happy with conditions and the purchase price, both parties sign the contract of sale. This is called the exchange of contract.
 

Titled vs untitled lots

A land title/certificate of title is a legal document issued by a state/territory government which details the legal description of the piece of land and names the owner. When you buy a property the title must officially transfer from one owner to another.
 
Peet communities are developed in stages and divided into individual homesites (the original parcel of land has one title) which then require their own titles. When you buy an ‘untitled lot’ this means that a certificate of title has not been issued yet for that lot. Whereas, when you buy a ‘titled lot’ the title has already been issued.
 
In order for settlement to take place, your lot must have its own title. Your Sales Representative should be able to advise when the title is expected for your lot. Once settlement has taken place, you can start building your home.
 

Deposit and Settlement

Immediately after the exchange of contract, you will be required to pay a deposit. It is held in a trust account and cannot be accessed by the developer until settlement (the process by which a property changes from one owner to another).
 
Before the exchange of contract you will need to organise a settlement agent/solicitor (who will handle the paperwork involved in purchasing your new home), clarifying any terms and conditions.
 
You will also need to finalise your loan arrangements. Your lender or mortgage broker will assist you through this process.
 
After the exchange of contract you will be asked to sign a transfer of land document, which is then registered by the owner or developer with the Land Titles Office so the property can be transferred to your name.
 
This is also the time to choose your home design/builder and finalise your building plans so you are ready to start construction after settlement. Your new home plans and specifications need to be complete and the building contract signed to ensure that your loan is approved and your land purchase can settle by the due date.
 
Once this is complete, final settlement takes place. At settlement, the balance of the purchase price is handed over to the seller’s representative and your representative will ensure that documents are registered so that the title reflects the change of ownership.
 

You're now a land owner!

Finally, you take ownership of your property – a significant and exciting milestone for any property buyer!

Peet sales representatives will explain the specific dates provided in the contract of sale. However, we strongly recommend you seek professional financial and legal advice before entering into a contract of sale.

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