Browse Forums General Discussion 1 May 14, 2011 12:58 pm For people purchasing a lot of land on a plan of subdivision, when the developer's solicitor says land is to be settled in such and such month (below I will use take July 2011 as an example), my understanding is that: 1. In July 2011, all council permits have been approved; 2. The developer's solicitor lodges an application for titles with the Titles office and also notifies the purchasers (or the purchasers' conveyancers) of the lodgement; 3. The purchasers (and the purchasers' lenders) have two weeks from the date of lodgement to fully pay the purchase price; 4. Once everything is paid, certificates of title are given to the purchasers (or the purchasers' lenders). I would really appreciate if someone more experienced can confirm, or make corrections to, the above. Thanks. Re: Newbie question - Land settlement and titles 2May 14, 2011 1:02 pm Sounds right to me, our certificate was given to our Solicitor and then to us. I can't remember if we had two weeks to pay for it. I just know it had to be paid on the day of settlement, the title came to our Solicitors the following week and we picked it up from them, they wouldn't post it, to risky in case it's lost. Re: Newbie question - Land settlement and titles 3May 14, 2011 3:53 pm Yeah that sounds about right. As we paid cash for our land we had to have the bank cheques all ready to go on 'settlement' day to give to our solicitor & real estate agent (who was passing on 1 of the cheques), I assume it would be the same if your lender is issuing cheques or what have you - that they would have to change hands on the day of settlement. As for the title - from the day of settlement (so the land was all ready to go) it took approx 4-6 weeks before the title was issued to our solicitor, so keep that in mind as we were unaware there would be a delay (as it has to go to the Deeds Office & be changed etc). Also, if your solicitor is keeping hold of the title for you - when it comes time for you to collect it (to give to your lender etc), all parties that are on the title have to present themselves at the same time with ID to the solicitor & sign a Stat Dec type document has to be signed (we didn't realise this either - can make it tricky when you both work!!) Hope that helps Building the Milano30 Site start: 30th June 2011 PCI: 1st December 2011 Handover: As soon as the bank pays! Approx 16th December viewtopic.php?f=31&t=44051 Re: Newbie question - Land settlement and titles 4May 14, 2011 5:49 pm Yer, that's right, we had to have our cheque made up for the solicitor. If you are not paying cash, I don't think you get the title, I think it would probably go straight to the lender, not sure on that one. Our Solicitor could have kept the title for us, but we have a different Solicitor who looks after our wills etc.... we took it to them. I picked up the title, my DH signed the papers before to state that I would be picking it up. It does make it hard if you both work. Re: Newbie question - Land settlement and titles 5May 17, 2011 4:49 pm Thanks very much to both for your replies. Does it mean that it can take any time up to 6 weeks from the day of the settlement for the title to be available; and only when the title is available that the builder can start applying for the building permit, soil test etc... ? Thanks. Re: Newbie question - Land settlement and titles 6May 17, 2011 7:23 pm toan, we picked up our title a few days after settlement, it was delivered to our Solicitor. Yes the builder needs to see the title with your name on it before they can do anything. Re: Newbie question - Land settlement and titles 7May 18, 2011 11:49 am Hi, The councils require a copy of the certificate of title as part of the paperwork that needs to be lodged for the building permit application. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: Newbie question - Land settlement and titles 8May 18, 2011 12:16 pm Thanks. deb17, interesting that you got your title so quickly. It is 4 to 6 weeks from the date of settlement according to morox. The Titles office says about two weeks if everything is in order when lodged. Can someone confirm, in the case that I bought the block of land using my own money and also a loan from the bank, when the title is available: (choose 1, 2, or 3) (1) It will be given to me to keep; (2) It will be given given to me to give to the bank; (3) It will be sent to the bank directly. (If it is to be given to the bank, I suppose it can depend on whether the conveyancer and the bank trust me enough to select (2). If not, they would select (3).) Thanks. Re: Newbie question - Land settlement and titles 9May 18, 2011 1:07 pm I have the same builder as deb. Our builder's admin person (who is awesome) had applied for the building permit, done pre site inspections and tests, drawn up final construction plans based on the soil test (needed a deeper slab, hooray for fixed site costs) and was ready to go after the subdivision was registered but well before settlement. The permit was issued exactly 1 week after settlement, the file went to ss the same day, and the cut was exactly 1 week after that. This administrative agility has clearly taken a month or more off our build time, based on the progress of other houses in our development who are only just now starting to slab. Most of this was completely transparent to me at the time, but I suspect most of the credit for a speedy and smooth process goes to the builder's admin. They informed me of title even before my own conveyencer knew about it. At the settlement meeting was our solicitor, our bank, and the vendor. Cheques were swapped and the bank left with the title, which they keep until we fully pay off the loan, I think. Matt's Brando: viewtopic.php?f=31&t=46340 Started March 30th 2011 PCI July 15th Re: Newbie question - Land settlement and titles 10May 18, 2011 1:45 pm Hi, I just went through my land settlement at the end of March which was partly my funds and part bank loan. Once the titles have been registered with the titles office, you can then have settlement on the block. Once settlement occurs, the bank will then submit the relevant paperwork to the Titles office. This is to get the title is in your name, and to show the name of the bank that has an interest in the title (to protect the banks interest). Once the paperwork has been actioned by the titles office, your conveyancer will be able to download a copy of the certificate of title online and email it to you. This is what you can send to the builders. Michelle House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: Newbie question - Land settlement and titles 11May 18, 2011 3:57 pm [quote="toan"]Thanks. deb17, interesting that you got your title so quickly. It is 4 to 6 weeks from the date of settlement according to morox. The Titles office says about two weeks if everything is in order when lodged. Can someone confirm, in the case that I bought the block of land using my own money and also a loan from the bank, when the title is available: (choose 1, 2, or 3) (1) It will be given to me to keep; (2) It will be given given to me to give to the bank; (3) It will be sent to the bank directly. (If it is to be given to the bank, I suppose it can depend on whether the conveyancer and the bank trust me enough to select (2). If not, they would select (3).) Thanks.[/qu Yer, we paid one week and had the title in our hand the next. I don't know why it was so quick, but it was. They wouldn't post it to us, we had to pick it up from our Solicitor. I don't think you will be able to pick it up, if there is a bank involved. We then gave our builder a copy and they did soil tests etc.. the same week. Good Luck. a building inspector should be able to tell you about any major problems but we need a floor plan with dimensions to clarify options for extra bedrooms ... sometime an… 1 8715 2 5468 I would say both styles you have pictured are steel. The lower chord of the first pic would be a massive lump if made using timber considering the size of the rafters. If… 1 6137 |