i just bought a piece of land for good price $102,000 from a launch. I think the retail price for that area is around $150,000 – 170,000.
he settlement is next year in mArch 2004. And i will need to pay a deposit of $9000+ in 2 weeks time.
1)What do i need to do and take note of for a land purchase?
2)Can i get a buyer or do an option on this land by myself before the settlement?
3)Do i need any insurance and conveyencer?
4) Is it a good idead to build a house on it and keep that land and house, since it is a good location?
Pls advice, and anything you think i should or should be aware of. I have never bought a land before.
whatthe!
i am reading the “Purchaser’s Copy Of Offer” for this land now, and it says i need a Guarantor when i am signing, which will put the guarantor in liability to pay up anything owed to the seller, if the purchaser doesnt fulfil the payment for any reason.
And it also says i will need to build a house (house design plan to be submitted to the seller for approval before building it) within 3 years after settlement (for living in, or rent, or sale), and not sell the land or transfer name WITHOUT building the house beforehand.
Man what kind of selling rules are these?
My friends who is a real estate agent and some other investors says these are all bullshit clauses for that seller company to “make a show” for the government, and also to avoid any bigshot investor buying all the lands and then sell it off at higher price. My investors friends says after settlement the land is ours, the seller company is happy they got the $, and it wil be our right to sell it off, since the people who bought in the previous earlier launch, some have built the house, and some are selling empty land privately.Any thoughts about these?
Restrictions placed on land, esp those in very good locations, are quite common here in WA. However, I’m not familar with the other states. The reason is you stated. Speculation.
However what is not clear is that why did the developer need to drop the price by so much if the location is that good?
It is cheaper to build on a land you have as there is less stamp duty involved. The idea of submitting a plan before the house is build is to maintain a certain standard. It is not a bad concept actually as that tends to hold the property value.
so what about those clauses that the buyer needs to build a house after 3 years, and cannot sell the empty land without building a house on it.
my real estate agent and other investors who also bought land there together with me said we do not have to follow those clauses, cos the land will belong to us after settlementWhere is the land located?
in melbourne
in melbourne
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