Browse Forums Buying Land Re: 10% deposit for land 5Nov 10, 2015 2:31 pm My Cake Decorating Facebook page: https://www.facebook.com/YummyTummyCupcakes12/ Follow our build here: https://forum.homeone.com.au/viewtopic.php?f=31&t=80481 Re: 10% deposit for land 7Nov 10, 2015 9:48 pm Blog: https://houseamour.com/ Instagram: https://www.instagram.com/houseamour/ Our build thread with Ben Trager Homes: viewtopic.php?f=31&t=77796 Re: 10% deposit for land 9Nov 11, 2015 11:13 am I think that's crazy! It should only be $1000 or so to secure the block. Speak to a conveyancer and they should be able to tell you that $20000 is unacceptable to secure a block considering banks need to be consulted. Sounds like the developer is trying to weed out people who may not be able to afford the blocks to save on time wasted in the process of it all. Building with Coral Homes - The Daydream 30 Re: 10% deposit for land 10Nov 11, 2015 6:43 pm Must be a high demand estate. I only had to pay $1,000 upfront and then on confirmation of finance I paid the balance of 5%. My estate told me they only take 10% deposits, but my conveyancer told them I would only pay 5% so that's what I paid. If it's a high demand place, maybe they expect the full deposit and finance approval on the day, rather than a delay while you sort out finance approval. Re: 10% deposit for land 11Nov 11, 2015 9:23 pm aloenyx Must be a high demand estate. It is every developer's wish to raise demand, artificially or otherwise, in their estate. To the OP - ask your developer for a published sales brochure that says you are required to pay 10% deposit on the day of land release. Check with your solicitor if it can be negotiated with the developers. Re: 10% deposit for land 12Nov 11, 2015 11:15 pm i should have negotiated this well too late now i have paid this already but buying the land anyways. Re: 10% deposit for land 13Dec 08, 2015 2:34 pm Ensure you read the comtract of sale, there is usually a clause that allows the deposit to be negotiated. Developer advertised a 10% deposit as requires. I asked prior to signing the contract and only had to pay 2.5% and the remainder on the land title / settlement. Re: 10% deposit for land 14Jan 06, 2016 9:36 pm I put a deposit of $1000, then $4000 once my contract went unconditional. The balance wasn't due until settlement. Re: 10% deposit for land 15Jan 07, 2016 7:19 am If that is the case ask developer for a copy of the contract so you can check it out before the release. Otherwise you will have 8hrs to chose block, pay 20% and read and sign a contract that's not really enough time to go through it properly. In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4831 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 6448 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 24877 |