basically i have bought this land from the government at lower price, and it is worth about $50 – 60,000 more. But the condition of the purchase is that i should build a house on it within 3 years before i can sell it. But i talked with the government, they said if financial circumstances, i can write a letter to the government and get a permission to sell it.
NOw i am thinking whether i should sell this land privately now and get some deposit for cashflow.
Or can i wrap a land?? Has anyone wrapped land before?Mike,
hmmm, i dont think i want to go thru the process of building the house, which is so much hassle. And i really dont think i can get the loan for the construction now. I would really rather selll it at a profit and then use the money to invest somewhere.The settlement date is next year Feb. NOw i have already paid the deposit. And i am wondering if i can make a private agreement with someone to agree to buy the land from me after Feb next year, and get a deposit from them now. (to get the deposit i paid for it already back).
And when i do this, do i need to let the governemnt know about this deal?mike,
if i sell an call option now, and the buyer has a caveat over the land, does the government need to know about the caveat? Or should i do a bond privately?Because the guy from the govt says we are not allowed to sell the land before settlement date cos to avoid speculators. But they just cant stop the earlier buyers from the previous launch from selling now, after their settlement.
I just signed the contract last weekend, and there is still a 12 day cooling period, for me to get the loan approval on it.
The topic ‘should i sell this land now? how’ is closed to new replies.
