Browse Forums Buying Land 1 Jan 13, 2012 4:25 pm Hi all, I have been doing a bit of lurking around here and sorry that my first post is one where I'm asking for advice... but I guess that's what newbies do So I'm in a situation where I have found a plot of land for sale (in the eastern suburbs of Adelaide). It is for private sale though (nothing but a cardboard sign on the fence), and I would like to know what sort of questions I should be asking, and what due diligence I need to go through before attempting to buy the block. Assuming he accepts (in principle) our offer, I assume I will then need to go the land titles office to confirm ownership and boundary details. It looks as though it may have been carved off what used to be the back/side yard of one of the adjoining properties. I am also not sure if I should have soil test done before committing, incase the excavation/footings cost become unexpectedly expensive. Is this costly to do privately and should I wait til we appoint a builder? Sorry for the rambling post, but any help would really be appreciated. This is seems to be an ideal block for our family home but I dont want to rush in headfirst and make a costly mistake. Thanks in advance! (think I posted in the wrong section earlier, so moved the post here) My building thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=56583&start=120 Re: Buying land from private seller - advice please 2Jan 15, 2012 7:15 pm I bought my vacant land from a private seller back in June 2010. It's a land in an inner/mid suburban Melbourne surrounded by existing houses. These are what I did: 1) Did a Title Search I paid $20 to the govt so I could perform a Vic Title search (I’m sure other states would have similar service) https://www.landata.vic.gov.au/tpc/tpc_home.aspx 2) I got a lawyer Before I bought the land, I got a Lawyer Conveyancer (I think some people refer to them as property lawyer) involved to review the Section 32, as well as perform the actual conveyancing. This is the reason why I chose a lawyer conveyancer instead of an ordinary conveyancer http://www.lawyersconveyancing.com.au/conveyancer_or_lawyer.asp At the time (June 2010), I paid the lawyer $250 to review the Section 32, $750 for them to perform the conveyancing, and $200 per hour on contract negotiation (took 1.5hrs to negotiate). For a land that costs hundreds and thousands of dollars, those costs are a drop in the ocean. Better be safe than sorry. 3) I did the soil test before purchasing I told the seller I wanted the contract to be “subject to soil test with result of “M” or better. But the seller didn’t want such thing in the contract and he wanted me to do the soil test first before signing the contract. Therefore, I got the soil test done before signing the contract and the result turned out to be “P” due to nearby trees. But because there’s sooo many people vying to purchase that particular property in inner Melbourne, I rushed and signed the contract anyway before someone else would (my site cost for a “P” soil turned out to be $34K). Other advice Your property lawyer will give you more advice and what to look out for, but here are mine:
13-08 Moved in 13-05 Build restart 13-04 VMIA compensation 12-08 Builder liquidation 12-03 Fixing 11-12 Lockup 11-11 Frame 11-09 Slab 11-09 Start 11-07 Contract 10-11 2K deposit 10-06 Titled land Re: Buying land from private seller - advice please 3Jan 15, 2012 8:48 pm Thanks for the great response zeitgeber! I'll certainly take your advice. My building thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=56583&start=120 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 6438 Hi everyone, Looking for some advise. We are about to build an above ground pool in our backyard. There is a private sewer line running under the pool at 1.6m… 0 11755 If you already have a contract, is the inspection cost stated in there? If not they would be forced to issue you a variation which you could of course object to. 12 25863 |