Hi,
Last week I had just bought a piece of land.
A developer had subdivided his land into 86 pieces of land.
I managed to acquire one of the lands.
I had signed the contract with the property agent.
I had paid the deposit ($1000) & got the approver from my lender.
I had also paid ($100) to the builder for the land survey.
Now the owner had regret for selling the land so cheap!
He is asking for more money which I would not agree.
He had chosen to shorten the time for him to register the land with the Ipswich City Council.
Instead of 6 months, he had reduced it to 1 month.
With this short period of time, it quite impossible to get the paper work done on time.
When the paper work cannot be done on time, he can renounce not to sell the vacant land.
How can I solve this problem? Is this correct on the property law view?
Please help.Chewboonhoe,
Most developers offer up some of the blocks of land cheap to attract presales for the bank that is funding the subdivision. My guess is the developer in this instance believed the market was at a certain price, however when the properties went to market demand pushed the price up. In terms of property law, especially in Queensland you best have a word to your solicitor / conveyancer handling the matter. From a funding perspective it is realistic to expect funding to be in place within a month. If you broker cannot get it organised, you need to find another broker, as it is in times such as these that strong relationships between clients and brokers are forged.
Wade Greasley
Commercial and Residential Finance Manager
Bluewater Financial Pty Limited
0414 564743
BluewaterFinancial wrote:Chewboonhoe,
Most developers offer up some of the blocks of land cheap to attract presales for the bank that is funding the subdivision. My guess is the developer in this instance believed the market was at a certain price, however when the properties went to market demand pushed the price up. In terms of property law, especially in Queensland you best have a word to your solicitor / conveyancer handling the matter. From a funding perspective it is realistic to expect funding to be in place within a month. If you broker cannot get it organised, you need to find another broker, as it is in times such as these that strong relationships between clients and brokers are forged.
Wade Greasley
Commercial and Residential Finance Manager
Bluewater Financial Pty Limited
0414 564743
Hi Wade,
Everything had been approved for this case.
does it mean that I am still legal to buy the vacant land at the original price if I manage to settle the fund with my solicitor within one month?
BluewaterFinancial wrote:Chewboonhoe,
Most developers offer up some of the blocks of land cheap to attract presales for the bank that is funding the subdivision. My guess is the developer in this instance believed the market was at a certain price, however when the properties went to market demand pushed the price up. In terms of property law, especially in Queensland you best have a word to your solicitor / conveyancer handling the matter. From a funding perspective it is realistic to expect funding to be in place within a month. If you broker cannot get it organised, you need to find another broker, as it is in times such as these that strong relationships between clients and brokers are forged.
Wade Greasley
Commercial and Residential Finance Manager
Bluewater Financial Pty Limited
0414 564743
Hi Chewboonhoe,
As Wade says, you need to get some legal advice with this matter. Queensland has some funny laws with purchase contracts, but if you have an unconditional contract I would have thought that was it. While financing the property with one month shouldn't be a problem, I read your mentioning of one month to mean that the title on the land would not be registered within this time frame and it can indeed take quite a while to get a title registered. I dealt with a similar situation in Queensland recently and we had to get the application re-approved because the title didn't register for over 3 months after the expected settlement date so the original approval had expired. I suggest you have a property lawyer comb over the contract and see if the developer is within his rights.
Kind Regards,
Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
http://www.perryfinance.com
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