Step By Step On Buying Land

Published Thu 18 Jun 2020

After days, weeks and possibly months of dreaming about a new home, you finally make the decision to take the plunge and reach for that goal of purchasing land to build your dream home! Emotions and excitement are running high and within seconds those same emotions can plummet into a sinking feeling of fear. The questions start spinning in your head, how do you buy land, where, what & who do I need to speak with??

Step By Step On Buying Land Grabbing a paper bag and taking deep breathes and placing the dream goal into a ‘too hard’ basket will only delay the sense of achievement! And guess what ……The decision to buy land, was the FIRST step! So, Congratulations!

Here are some step by step tips on buying land to make the process a little easier.
 
Where do you begin and who do you speak with?

Having an appointment with your broker or speaking with an adviser from your bank would be step number two. Assessing your personal finances will allow you to feel comfortable financially with your long term goal and also give you the confidence in choosing the right property and location. At this point you are building up your team to make sure you cross the finish line.

Where do you want to live?

Location, location, location I’m sure you have heard these words over and over, welcome to step three. Warralily is one of the largest & leading estates in the Geelong growth corridor and offers land in two suburbs and three different neighbourhood precincts. We have land options in Armstrong Creek and Mt Duneed. All offer easy access to schools, retail facilities, open space and is already an established community. Researching is key to your success.

Talking to a land sales consultant

Land sales consultants are a wealth of knowledge and are an intricate part of your ‘Dream Team’.  They are happy to assist and work together with you. Once you have made an introduction the consultant will be happy to present land options which meets your financial and personal lifestyle needs. The sales consultant will assist and will take you through the relevant information regarding:
  • Land Sizes & Titles                   - Land Prices
  • Land Orientation                      - Benefits of the location
  • Process of the Purchase        - Holding Deposit & Contracts
  • House& Land Packages          - Presenting an offer
  • Introduction of Builders        - FHB Grants      
If you want to do a little more research before you speak to a sales consultant on the above, Warralily has a wealth of information on their website on the buying process including education videos (link to you tubehttps://www.youtube.com/channel/UCb9fNZxgUmzOcR-1OnnYxag ), land release (link to masterplan) and house and land packages(link to house and land finder). Make sure you feel comfortable about your purchase and don’t be forced into something you don’t wish to do.

Choosing you lot.

Tick, tick, tick you have chosen your lot and placed down a holding deposit on your ideal location. A holding deposit allows you to take the lot “off the market” and place the lot into your name. At this stage the consultant will discuss the terms of the sale with you and provide a land contract to pass onto your chosen conveyancer. A holding deposit is $1,000 and will be refunded in full if you change your mind.
 
Conveyancing
Step four is nominating the last member of the team, a conveyancer. A conveyancer is a legal representative who represents you regarding the contract, assists with the final settlement & title transfer process. They will ensure that the final stage of the contract is streamlined and final payment is transferred to the developer’s conveyancer.
 
Sign, sealed…..

Once you are happy to proceed an appointment will be made for you to come in and sign your land contract. The land sales consultant will walk you through this and answer any further questions you may have. Once the land contract is signed and sealed, you building journey can commence depending on when your lot is due to title or settle. If your lot is titled then a settlement term will be determined as part of the contract. If your lot is untitled, settlement will depend on the title timeframe. The title timeframes for each stage varies and the land sales consultant will provide you with indication on an estimated title time.
 
….Delivered

Fast forward and its time to settle on land. The land sales consultant will touch base with you throughout the construction of your lot, to keep you informed on how things are tracking and when titles will be delivered. When the time to settle draws near your broker and conveyancer will be in touch with you regarding your finances and getting you ready to settle on your lot.
 
..It yours!

Once settlement has gone through the block is yours and you can begin the process of building your dream home. Congratulations! 
 
If you want to find out more about purchasing land at Warralily visit www.warralily.com.au or call 1300 458 193

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