Apr 10, 2013 10:24 am
I am in process of buying new subdivided land in Cambelltown council, SA. RE agent has advised that plans has been approved by council but titles will be release in 2-3 months.
I have two questions:
Can there be any problem in buying land without title from private subdivision. Will bank be ok with that and what if titles are not passed?
I want to make use of SA government's first home owner and construction grant.
Will I be able to sign contract with builder without title and claim grant?
I am first home buyer so don't know much about concept of title etc. Will be checking with bank and builders as well. But an honest expert advise here will be of great help.
Re: Buying private subdivided land - No title yet.3
Apr 10, 2013 5:44 pm
A problem with buying untitled land is the time can really drag on.
You perhaps should think of making the offer subject to a time limit.
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Re: Buying private subdivided land - No title yet.4
Apr 10, 2013 8:51 pm
Hi there. We bought our land unregistered here in NSW. It did drag on. Make sure you have your solicitor check the contracts sunset clause (or add one!) to ensure you have a time limit in place and that developer makes reasonable efforts to complete. Also the other thing to be aware of is to check any instruments (eg easements and restrictions) that will be placed on the title.
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Re: Buying private subdivided land - No title yet.5
Apr 25, 2013 3:13 pm
Thanks everyone for the advise.
Land contract already has a clause subject to release of title by given date.
Talking to some of the builders, conveyance and mortgage brokers, it seems to be a normal procedure and should be all good.
We have sign the contract but waiting for form 1 now.
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