Building contract without land contract?

Hi,

I've never built a home before, and have a lot to learn. Please be kind.

I have a block on hold, paid deposit and am just awaiting the land contract to come through so I can sign my building contract.

I was hoping this would have come through by now as the cut off date for building contracts is today (30/6) for FHOG in regional VIC. The grant drops to half from tomorrow.

Would you sign building contract before land contract comes through? Time is of the essence.

Thank you for reading.

Not sure if you are suggesting you already have the building contract or you're hoping for one to be generated today. If its the latter, thats unlikely to happen.

I have it. It just needs to be signed.

if you already have the contract, and it addresses the costs (especially site costs) and you've had it looked over or are comfortable with assessing the terms yourself, you could sign it. But you'd have to have it fully executed AFAIK, so builder signs (if they haven't already) too. *NOT LEGAL ADVICE*

im assuming the builders have already done some preliminary due diligence on the block youre planning on building on

They've emailed me a copy, already signed by them. It lists site costs. I'm building by myself and have never signed any contracts like this and don't feel super confident. It lists costs and site costs.

Stage is still in construction (for another month or so), and so they've gone out for a quick look and said looking good so far. Titles expected in September/October.

sounds risky. Site costs are subject to change and it doesn't sound like the builders site costs have necessarily been able to be estimated based on any ready engineering from the developer.

If you're not confident with understanding the terms it is advisable you have a lawyer or at least someone knowledgeable in building contracts to review before you sign. getting that done by COB today is pretty unlikely.

So youre now in a spot of bother. Sign to gain 10k benefit with an unknown risk of additional costs. Or lose 10k benefit but identify several key features of the contract that could have cost you mor ethan 10k.

If it were me (and it recently was) i'd give up half the grant just to make sure you dot your i's and cross your t's. It could save your bacon.

another thing you can do is verify with the SRO if a partially executed contract prior the cut off date would still be eligible for the full grant (dont like your chances though)