Hi,
I'm coco. It's the first time i'm posting in this forum. I have been reading a lot and learning frm everyone here.
My partner and I are considering buying a block of land and building the house that we want in the western part of Melbourne. We're first time property buyers so we totally have no idea what to do.
We are keen to buy this block of land which will be released for sale by the developer in the coming weeks. It was stated that on the day of release, the contract will have to be signed and a 10% deposit to be made in order to secure the purchase of the block.
I have a few questions which I hope someone in the forum could provide some advise or comments:
1) is a 10% deposit common? I have looked at other estates where the developers are only asking $5k for deposit.
2) is a contract usually signed on the day the land were released for sale? can i ask to take the contract back for a solicitor to review before we sign it?
3) can i ask the developer if i could place maybe a $1k deposit and ask them to hold the block until my partner and i discussed it over properly and confirm that we want the land.
4) can i add in the contact that the purchase of the block is subjected to favourable soil tests results?
Any comments or advise will be greatly appreciated. This forum rocks!
many thanks,
coco