PLACE A EXPRESSION OF INTEREST
To hold a property/lot and take it off the market for 5 days, you must place an Expression of Interest. The E.O.I outlines the lot you wish to purchase and your details. This also stops anyone else from buying the lot while you make certain you wish to proceed with the purchase. At this point you should also get pre-approval for your new home loan. This will give you confidence about your budget. Pre-approval is an indication (not a guarantee) from the bank as to how much you can borrow.
RECEIVE LAND CONTRACT
After the 5 days are up, a Land Contract will be issued. This is the written agreement outlining the terms and conditions of the sale, including the price the land is for sale. You can take it to a Solicitor / Conveyancer to read and explain as well as sign the Contract acknowledging you understand what you are buying and your responsibilities. Once you sign the Land Contract, it is then counter-signed by the Seller/Developer and the finance period commences.
Once you have a It will be either a conditional offer (containing specific conditions on which the sale relies) or an unconditional offer (when the purchaser has funds immediately available).
RECEIVE BUILD CONTRACT
Land contract are issued.
Both contracts are signed and sent to appropriate parties. Contracts are conditional on finance approval.
Unconditional finance letter received..
Upon receipt of contour plans and soil tests, engineering and working drawings are prepared.
Lodgement of plans with private certifier and Council for approval. On approval, plans are provided to the lender.
Required to start on site – all approvals, insurances in place, confirmation of payment 5% deposit.