Browse Forums General Discussion Re: Untitled Land 5Mar 22, 2022 9:49 am One advantage of untitled land is you only need to pay the deposit when you sign the deal. This means you can keep saving as much as you can until the land actually titles as that is when you will need to arrange your mortgage. It also gives you time to rearrange your finances in a way that will make getting your mortgage easier. There are some risks though and you will need to do your due diligence and take some precautions. When the land titles, and you are trying to arrange your mortgage, the bank will do a valuation of your land. Depending on the market at that point, if land prices have gone up, getting the full mortgage you need will be easy assuming you are financially able to lend as much. However, if the land prices go down, and the bank values it as less than the agreed contract price, you will be required to pay the difference. So you need to make sure you have a buffer at your disposal for such a situation or you may end up loosing a lot of money. Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6390 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 24829 13 6602 |