Does anyone have experience with subdividing property prior to settlement. Is it possible?
I am looking at purchasing a property on a large block of land, and would like to subdivide and sell off a portion of the land – and hopefully have simultanious settlement (giving me a smaller debt & a cashflow positive property)
If it is possible – what do I need to do? (I know how to subdivide a property already – but only when it is already in my own name)
cheers
Shnook
This is a standard development clause that any developer would use.
Merely enclose a condition that gets the vendor to consent to you preparing and lodging at your expense and application for a Development Approval.
Ensure that the clause allows that the Vendor will sign all necessary documentation in relation to your lodgement.
Of of course you don’t want to tell him what your doing then that is different.
Cheers Richard
Ph: 07 3720 1888
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http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
This is a clause that most developers use to secure a parcel of land and not have to pay interest. However you’ll need to wait a while. We are in the process of subdividing our land (1 into 7) by two stages. DA took 11 months and now we’re waiting on the Engineer to do drawings for the Development Permit before we can start work. So that will probably be another 6 months. It will be worth it in the end meanwhile we’re the bunnies paying the interest on the loan !!
AJBS
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