Browse Forums Buying Land Re: Land Contract of sale 6Feb 14, 2017 8:01 pm Hello Andonk, I have not signed my contract yet. Probably in May. But I got your tip. Thanks for that. We have to help each other in this forum vs builders vs land developers vs solicitors vs government agencies vs brokers vs banks. I can't believe we are so vulnerable. Re: Land Contract of sale 7Feb 15, 2017 8:22 pm Zanga Hi all, I am first home buyer here. How does the process of buying of land, seems like different developers have their own procedure. Had a bad experience with one of the developer where they allow deposit to hold the land for 10 days to organise Finance and conveyancer, upon signing of contract I have to put down another 10% deposit (which is total of 1st deposit + 10% of Land price when we sign). Finance part is tricky as pre-approval does not come back after week(s). I was told by the Sales that extension is not possible and does not allow subject to finance? Will you consider this is okay? what if the lender rejected the pre-approval? When we bought our land it hadn't titled yet. So we left 5% deposit and then had to pay balance upon titling which was a year later. Re: Land Contract of sale 8Mar 13, 2017 3:31 pm andonk Thanks Obi Wan, Just want to add that there is a soil test clause too. And, before signing please read your contract carefully. Be careful with the wording in the contract and ask to change if it doesn't suit your situation. As an example, I requested few changes in the contract, like ... days to ... working/business days. Hi Andonk, what should be the part of soil test clause. Re: Land Contract of sale 9Mar 13, 2017 8:20 pm Hi Faykis, You should mention what is the lowest soil type that is acceptable for you (in my case, I will terminate the contract if the soil test came back with E) and how many days you need to get the report. If the vendor's solicitor provide you with some drafts and you find there are certain wordings that don't benefit you, ask them to change it to suit your situation. Otherwise, ask your solicitor to draft the conditions. For soil type, it is better to check with your builder what kind of slab design is included in the quote. Most of the builders generally only provide S class slab. So, if your land is H, then expect to pay extra site cost. Basically, you will need to ask the builder that cost, then draft the conditions to suit your budget. Btw, just in case you need a soil classification, here's a link that explains it, http://www.build.com.au/soil-testing-an ... al-reports. As for the number of the days, get a quote from geotechnical engineer firms. If possible engage the firm that is used by your builder, this way the builder can give you some credits back. Again, ask which firm is used by your builder. Your builder probably ask you to put $1000-1500 deposit. Don't get pressured with this. Simply ignore them. In my case, I had 2 builders in mind. Builder 1 use firm A to do soil test while builder 2 use firm B . So, I asked for soil test quotes from both firms and how long they need to finish the job. Both gave me quotes around $500. I figure rather than losing $1500, it's better for me to lose $500 if I change my mind on the builder. I hope that helps. You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 11245 Hi all, Wife and i have placed an EOI on some land in Shoreline Estate, Redland Bay, QLD which will register in March-April next year. We need to pay 3% deposit, supply a… 0 32663 Are you saying that these consultants are involved at key-points of the building, and perform site inspects at the stages, or only after building is completed to point… 4 8523 |