Browse Forums Buying Land 1 Nov 25, 2020 10:10 am Hi we placed a reservation fee of $300 only to secure a block of land with Landcom. We are waiting for finances to be sorted. We will require 5% deposit at the exchange of contract date but because we are using existing equity for a cashout loan, we will need the loan approved for the deposit. Does anyone know if my loan takes too long, if we can extend the date for the exchange of contracts? And do the contracts normally have subject to finance clause or can one be added in? Thanks in advance for your comments. Re: Extension of Exchange of Contract date- Landcom 2Nov 26, 2020 11:25 am I can't speak to Landcom specifically but our experience is below: The subject to finance clause will depend on the contract, ours had it in but I have heard that many need you to request it to be added, although this isn't usually a big deal. it is generally related to settlement though, not to the contract 5%. Another option may be to request a lower deposit amount for contract exchange, we didn't do it as we didn't need to but our solicitor suggested it was usually a good option to ask, worst case scenario is they say no and you're still in the same boat.Probably only relevant if you had say 3% deposit without the need to release equity. I would talk to your agent or developer about the timing of contract exchange and wait until you have actually been sent the contract. We put our holding deposit down for our block and were told contracts would be sent out for review 1 week later, then signing a week after. 7 weeks later and we have only just received the contract... Hope this is helpful, only our personal experience though (I'm not a solicitor and this is our first land purchase) Re: Extension of Exchange of Contract date- Landcom 3Nov 30, 2020 10:41 am Becks I can't speak to Landcom specifically but our experience is below: The subject to finance clause will depend on the contract, ours had it in but I have heard that many need you to request it to be added, although this isn't usually a big deal. it is generally related to settlement though, not to the contract 5%. Another option may be to request a lower deposit amount for contract exchange, we didn't do it as we didn't need to but our solicitor suggested it was usually a good option to ask, worst case scenario is they say no and you're still in the same boat.Probably only relevant if you had say 3% deposit without the need to release equity. I would talk to your agent or developer about the timing of contract exchange and wait until you have actually been sent the contract. We put our holding deposit down for our block and were told contracts would be sent out for review 1 week later, then signing a week after. 7 weeks later and we have only just received the contract... Hope this is helpful, only our personal experience though (I'm not a solicitor and this is our first land purchase) Thanks will talk to my solicitor. 0 4982 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16556 Hi, We have a single story MacDonald Jones house, on a waffle pod slab with steel frame. Are we able to build a second story extension? Other info is we are 900mm from… 0 8471 |