I want to put an offer in on a property that already has building plans approved for 2 units but the plan of subdivision has not yet been registered but apparently has been approved by council. I still have had no reply from the council as to conditions in relation to when building has to commence on units. As you can imagine I don’t want to build immediately as the property has good rental return at present. My problem is what sort of conditions should I put on the contract note.
Subject to approval & registration of plan of subdivision, subject to particular finance, it does state that the vendor will provide ocopy of council approved stamped plans for 2 single level units at the vendors expense within 60 days of contract. I’m just concerned that without the details of the building conditions eg: when building has to commence I’ll have problems trying to raise the cash to start.
Any assistance would be much appreciated.MissLily
Don’t think you are too far away at all.
Why not make it -Subject to the approval & registration of plan of subdivision at the vendors expense and on terms satisfactory to the purchaser. (This will give you the chance to read the conditions in relation to commencement etc)
If you are trying to finance it on the basis of 2 individual Torrens Title Lots then it will be easier for your financier if the Plan of Subdision has been registered.
Richard Taylor
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**Lodoc Commercial loans from 7.39%**
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