Browse Forums Buying Land 1 Mar 18, 2016 8:33 am Hi All, I'm about to review the contract and pay my deposit but just want to be sure i'm asking my legal the right questions. Besides the following are there any other conditions or questions you would ask? Questions to ask the solicitor when review the contract ------------------------------------------------------- * Negotiate from a 10% deposit to 5% * Do i earn interest on the deposit? Is it solely mine or shared? * When will the settlement be (sunset) and how long could they extend it for * Any easements on the property which could prohibit the build * Any building restrictions or design guidelines * Confirm available services (Water / Gas / sewer / Telecommunications) * Ask if NBN will be available * Is the land bushfire prone? * Is the land in a flood zone? I read some people in the forums have had there lot sizes drop in size (due to infrastructure works...etc). Is there a way to minimise this? i.e say ... * Limit decrease in landsize to 4% max Re: Questions to ask Legal when reviewing land contract 2Mar 18, 2016 3:25 pm You've got it covered by the sounds and your conveyancer will know exactly what to make you aware of. Yes if you provide your tax file number you can gain interest from the deposit. We negotiated a 5% deposit. The sunset clause will be in the contract...if there is a hold up on registration keep an eye on it and make your conveyancer aware of it too if it's getting close to lapsing. We extended ours as we were concerned if it lapsed we'd lose our block. The developer could potentially re-sell at a higher price as value generally rises as blocks become scarce. Any easements or possible easements should be on the draft plan. If they change during approvals you'll be notified. The Bal assessment and flood zoning should already be available as the developer would have to have these done along with an acoustics report. Unfortunately until final plans of subdivision are drawn (close to registration) you won't know if you have lost any land but in that case you can negotiate or rescind with your developer. Ardo That is so funny! I wonder how many people know who Larry Haun is these days. I have a couple of young guys we call Mo 1 & Mo 2 who run a crew of 6 boys and… 9 15511 I work with owner, he/she is my man on the ground and I instruct them when to visit the site and take photos and I have other tools in the bag. 4 15265 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16548 |