SETTLEMENT OF A LAND PURCHASE

Written by Melanie Toye

The information you need once you find the right piece of land to buy.

You have been on the hunt for the perfect piece of land. You have spent hours looking online, speaking with realtors, and potential future neighbours. You have driven through multiple areas to find the exact location of where you want to buy. Now you have found that piece of land that you absolutely love. The next step is negotiation. You have the confidence to submit your offer and not cave until you both agree to a final amount. A contract is signed between both parties and then all of a sudden you have thirty days before the land you purchased is yours.

With the contract signed, the deposit paid now you have the long wait or to some, somewhat quick, four weeks wait until you receive your land. Your solicitor will organise dealings with the Land Titles Office. They will also be in contact with your financial lender to organise the balance of payment owed for the sale of the land. Everything is timed to perfection and is organised to come together in a neat package by the due date. You will be notified of the confirmed arranged funds, and the title transferred in your name.

Although sometimes purchasing land or property isn’t as easy as it sounds. Stress and concern can arise when unperfected timing of paperwork causes delays as well as organisations that have a backlog of work that takes priority over your purchase. To ensure a smooth transaction try to begin your research in finding efficient, experienced solicitors when you start researching for your land at the beginning.

Solicitors are the main organiser in the buying process. If you have a solicitor who seems stressed with their increasing workload, or has limited power to receive what he asks for within a certain timeframe, look elsewhere. You want a solicitor that demands attention and is a great organiser (check their office space if it’s a mess than perhaps try elsewhere).

The amount of experience the solicitor has is important; working as an experienced solicitor over countless years ensures your solicitor knows the ins and outs of the process and business. Selecting the right professionals to assist you in purchasing your land is a must for your sanity and bank account.

Congratulations! You have now purchased your dream piece of land. You are well on your way to becoming a smart property developer. The hard work is over, from finding the best location, best views, ensuring close proximity to shops, initiation contact with your financial provider and viewing your lot multiple times in the lead up of settlement day. Now breathe, relax and get excited for your new purchase.

Time to celebrate!