STEP 1 – RESEARCH
Do your research and find a suitable legal adviser whether it be a conveyancer or solicitor. Source financing options and a lender that is right for you. Speak to builders and find a home design that suits your budget and lifestyle.
STEP 2 – HOLDING DEPOSIT
Select your dream home site and secure it with a $1,000 (refundable) holding deposit once the selling agent issues the sales advice. The deposit will be made by electronic funds transfer.
STEP 3 – CONTRACTS
Once a sales advice has been completed by the selling agent and the holding deposit has been received, the contract will be issued to your legal adviser. Contracts are usually issued within 2-3 days. You will have 28 days from the date the contract is issued to have a look through the sale contract with your legal representation.
STEP 4 – EXCHANGE
Contracts should be exchanged as soon as practically possible within 28 days from the date of issue. If contracts are not exchanged within this period, the lot will be placed back on market and made available to other purchasers.
If the land is yet to register, you will only need to pay the balance of a 5% deposit less the $1,000 holding deposit. If the land has already registered then a 10% deposit will be payable, less the $1,000 holding deposit.
STEP 5 – SETTLEMENT
Once exchanged, contracts should be settled as soon as practically possible:-
* If the land is registered, this will be within six (6) weeks of the date of exchange
* If the land is yet to register this will be within six (6) weeks of the date of exchange or 14 days from the
date of registration, whichever is the latter
The balance of your payment will be due upon settlement.
NOTE: This information is for prospective or current purchasers and is of a general nature. For further legal
information, please seek the advice of your solicitor or licensed conveyancer.