What You Need to Know About Buying Land
Posted on 12 Aug 2017
Looking to build, found the perfect block and wondering what to do next? We’ve broken down the process into simple steps, and have Peet sales representatives around the country who can step you through it as well.
1. Make an offer
- Unconditional, usually when you have cash available immediately; or
- Conditional, nominating specific conditions on which the sale relies, such as securing finance or the sale of an existing home.
- Titled lots already have a title, so land transfer can occur straight away.
- Untitled lots do not have a title (they may still be under development or recently completed) and you need to wait for the certificate of title to be issued, which will affect your settlement date.
2. Exchange the contract
3. Pay a deposit
At this time, you will also be asked to sign a transfer of land document, which is then registered by the owner/developer with the Land Titles Office so the property can be transferred to your name.
4. Get sorted in pre-settlement
5. Time to settle
If you have any queries about the land buying process, please speak with one of our sales representatives who can also outline specific dates and details relating to contracts of sale.