Browse Forums Building A New House Re: Buying Land 9Jul 17, 2007 4:29 pm From what I have seen before I think when they ask you to sign on the day and put a big deposit down is usually when the developer releases the land for the very first time. I think on the first day you can get a really good deal by being able to bargain a really good price and/oror they only offer that price for that day. Hence they want you to sign and put a deposit so you can't change your mind.
But we only put a $500 holding deposit. Then the rest of the 5% just before settlement. [sneakersss] Re: Buying Land 10Jul 17, 2007 4:37 pm Even if the contract must be signed on the day the land is released - ask if you can get a copy of the contract before hand to take to your solicitor.
We have paid a $1k holding deposit (as we purchased in a pre-release). When the land is officially released to the public, we must pay 10% on exchange of contracts. Then 6 months later at settlement we pay the remainder. Re: Buying Land 11Jul 17, 2007 5:44 pm yes the land will be released for the first time. i was attracted to a particular block cos i like the location.... it's just opposite the park. and i like the street name too! haha... my nickname is coco... and the street name is coco ave!! *please dont laugh at me* anyway am not entirely keen on it cos of the street name only. my partner and i have been looking around for land recently, so coco ave got us excited abt it.
i called up the agent to arrange for an inspection this weekend. he told me that he has several inquiries abt the block i was interested in. anyway we can't afford the 10% deposit at this time. so if we are really keen on getting that block after the inspection, i might ask if i could put a smaller deposit. if i can't then i'll have give it a miss. can't possibly buy under pressure or on impulse. Re: Buying Land 12Jul 17, 2007 5:48 pm turtie22 can't possibly buy under pressure or on impulse. You're right about "under pressure" bit, but IMO there is nothing wrong with buying on impulse, when it comes to your home. Not so with investments, as you have to calculate the return carefully etc, but with your home, it is a place you will keep coming home to for years to come, so the way I see it, sometimes it doesn't have to be done by the book. Nothing wrong with a bit of emotion attached to it. Properties appreciate over time, and even if you overpaid a touch for the block you really like, it will not matter much in 10 years time. Currently Building in Bayside (Brighton East) Re: Buying Land 13Jul 17, 2007 6:05 pm We only had to pay a $1000 deposit for the land and the rest was paid at settlemnet. Sound like we got a good deal. We just made it conditional to finance meaning if the money for the land and house fell through that was it and we got our deposit back. Re: Buying Land 14Jul 17, 2007 6:24 pm turtie22 he told me that he has several inquiries abt the block i was interested in. This is a common ploy by agents to get you to commit. Use your head and your heart but don't ever be pressured to make a decision. 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 6499 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 24938 13 6672 |