Hi I am looking at purchase rural land in the hunter region of NSW (300 Acres)
The vendor who is also a licensed real estate agent who has been trading for 30 years owns the land.
some terms I gave him which he agreed to was $1150 a month for 5 years which will pay off half the land at that stage i can try and get a bank loan to pay off the owing amount or if i am unable to secure a loan (bad credit) he will have to offer me another 5 years at the same rate to pay off the land.
What do I need to look out for? he has advised me a full study of the land has been completed and he has also provided me with council documentation of a building entitlement of the lot dated late 2009.
Does the building entitlement expire?
What should I be aware of in entering into a vendor finance agreement?
Cheers