Browse Forums Building A New House Re: Signing land contract without subject to finance 4Jun 03, 2010 10:08 am contract signed: Nov 09 Released to Construction: 23 Jul 10 Slab poured: 9 Aug 10 Frame completed: 30 Aug 10 Windows & Gutters: 7 Sep 10 Bricks: 15 - 23 Sep 10 Roof: 24 Sep 10 Gyprock: 20 Oct 10 Lockup: 25 Oct 10 Kitchen: 27 Oct 10 Tiling: 6 - 9 Nov 10 Painting: 17 Nov 10 Carpet: 30 Nov 10 PCI: 15 Dec 10 Handover: 17 Dec 10 https://forum.homeone.com.au/viewtopic.php?f=31&t=35943 Re: Signing land contract without subject to finance 7Jun 03, 2010 11:53 am Building The Amberlea 44 Fusion Home http://www.amberleadream.blogspot.com Land settled May 10!! Building commenced 30 Jun 10. Re: Signing land contract without subject to finance 8Jun 03, 2010 12:11 pm NO EXPECTATIONS, NO DISAPPOINTMENTS! Build Thread: viewtopic.php?f=31&t=27441 Landscaping Thread: viewtopic.php?f=19&t=43969 Re: Signing land contract without subject to finance 11Jun 03, 2010 1:04 pm Building The Amberlea 44 Fusion Home http://www.amberleadream.blogspot.com Land settled May 10!! Building commenced 30 Jun 10. Re: Signing land contract without subject to finance 13Jun 03, 2010 1:48 pm 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Signing land contract without subject to finance 14Jun 03, 2010 2:14 pm Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: Signing land contract without subject to finance 15Jun 03, 2010 2:58 pm Thanks alot to you all for sharing your situations, I am still waiting on lawyer to give me any feedback on my contract so fingers crossed what she will come up with. I reckon our situation is as simillar to others who didn't have "subject to finance" in their land contract - as the land lots are getting snapped up and builders just middle man who is selling home + land package and don't want a sitution where contract falls over. For who didn't have "subject to finance" in their land contract - did you guys have any hassle from land developer / builder after you sign the contract ? and how much deposit you have to put in? we are paying 10 % , is it normal? Re: Signing land contract without subject to finance 16Jun 03, 2010 3:21 pm As borg said, subject to finance by June 30 or whatever. Thats what we added. We also added subject to soil report being ".." although we never actually got a oil report done Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: Signing land contract without subject to finance 17Jun 03, 2010 6:11 pm Personal preference, but I would never buy land without a subject to finance clause, even if I was a cash buyer. If they want more certainty, then put a date deadline on it - say 14 days. It gives you an out clause, for whatever reason, that cannot be disputed, and generally extends far beyond the Cooling Off period in timelength. With most land contracts you forego your right to the Cooling Off period if you get a solicitor to look at the contract so it is handy to have a way out if required. You hope that it is not required to be used this way, but for all you know there could be some rediculous covenant or Council-imposed restriction that you don't find out about until its too late. Built a Tribeca 44 with the Big M Sales Accept 15/06/09, Contract Signed 24/09/09, Site Start 23/11/09, Slab 11/12/09, Frame 12/01/10, Roof 20/01/10, Lock-up 30/03/10, Fixing 30/04/10, Handover 27/08/10. Re: Signing land contract without subject to finance 18Jun 03, 2010 6:49 pm hi, i did a contract with no subject to finance but our incomes were more than the lad contarct and we had a heavy deposit. that said, if your close to limit, low deposit, dont sign or go find some moe land Re: Signing land contract without subject to finance 19Jun 04, 2010 9:05 am jimmalenko Personal preference, but I would never buy land without a subject to finance clause, even if I was a cash buyer. If they want more certainty, then put a date deadline on it - say 14 days. It gives you an out clause, for whatever reason, that cannot be disputed, and generally extends far beyond the Cooling Off period in timelength. With most land contracts you forego your right to the Cooling Off period if you get a solicitor to look at the contract so it is handy to have a way out if required. You hope that it is not required to be used this way, but for all you know there could be some rediculous covenant or Council-imposed restriction that you don't find out about until its too late. If I had of gone with your way of thinking I wouldn't have been able to buy in my estate. If the bank tells me thy they'll loan me 600k, then borrowing 200k for land is not an issue. Seems to be common sense? Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: Signing land contract without subject to finance 20Jun 04, 2010 11:10 am Quote: If the bank tells me thy they'll loan me 600k, then borrowing 200k for land is not an issue. Seems to be common sense? Borrowing capacity is only part of the equation, the other part is the banks valuation, in the bank valuation thread someone had thier land undervalued by $42k, so in that case without a finance clause you would have to find $42k more than before of which the bank will not give you due to thier valuation. that being said I would say 95% of the time the banks valuation comes pretty close to sale price. If I was to win Lotto, I would build with a different builder, now to win lotto You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16771 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 58596 This certainly doesn't look good. I would be engaging with an independent inspector to have a look at this. As for the unscheduled site visits, most builders are quite… 1 28457 |