Browse Forums Buying Land 1 Aug 15, 2021 10:40 pm Hi All, Having signed the land contract with the builder and receiving all documentation, on Friday I paid the deposit as stated in the contract. My query is - what exactly happens now? Is it just a quiet wait until the end of the year when the land is meant to title? Does the 'Sold' sign go up on the sign out of the front of the lot now or once settled? If once settled, how do people know that the lot isn't available anymore? Or is it a case of they get in touch with the agent and get put on a tentative hold list just in case finance falls through for me? Re: After Paying Deposit for Land 2Aug 23, 2021 7:49 am At some point your contract will go unconditional, and then it's just waiting until it's registered and you can settle. The 'sold' sign goes up whenever developer feels like putting one up. One thing to keep in mind is that finance approvals usually only last 3 months, so if your land registration is longer than that then you'll need to work with your broker to get the approval then. We've signed a contract on piece of land in November, with projected registration date in July, so while we got initial pre-approval to ensure we can actually get a required loan, the contract went unconditional way before we organised all the formal approvals, and the eventual settlement was this month. So just make sure everything is ready to kick off once your registration date firms up. Not sure what's in your contract, but ours had only 14 days to settle from registration date, and it coincided with Brisbane lockdown, so was cutting it fine with getting required documents witnessed and mailed. In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4899 We were lucky in that our old house was so small (86 square metres) compared to the new house, they were able to take enough readings around the old backyard house before… 8 37567 The concreter will take and reuse. In my case I bought structural LVLs and scraped them back and used them as joists. 1 5228 |