Re: Bank validation on unregistered land2
Feb 23, 2021 5:39 pm
Did you find any info in the last few months?
I am considering an unregistered lot and I am collecting few info.
As far as I understood, unregistered land is a bit more tricky, I am not sure if you are referring to a pre-approval (conditional approval) but pre-approval does not mean that the bank will finally approve the loan on an unregistered land.
There are some conditions, such as, lot value and final price, which may interfere with bank approval.
Re: Bank validation on unregistered land4
Feb 27, 2021 8:19 am
If the land is unregistered then you don't own it so what would the bank secure the mortagage against?
When we brought our first block of land back in 2017 and it hadnt registered yet (it did so about a month later). We paid the deposit on the land out of our own funds and the bank paid the balance once the land was titled. We made the contract of the balance to be paid 30 days after land is titled.
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