Coveyancer and Signing Up for the Land

After finalising your chosen lot, you need to go and find a Solicitor or Conveyancer to read through the Contract for any discrepancies. It is relatively easy to find a conveyancer, we found a few through friends and other networks. The prices can vary between a few hundred dollars depending on who you go to and is mostly well below $1000. The conveyancer does not usually charge for the initial read of the first contract and you pay him to stick with you through the entire process of settlement of land.

We found that most contracts are pretty straight forward to read and understand but it is a thick document to eye through. Unless you are like one of my freaky friends, who actually wants to sit and read the 10,000 word document and highlight the parts you don't understand, its better to go through a Conveyancer.

After this, it was easy as going up to sign the Land Contract with a 10% deposit cheque.

So at the signing, there are three copies of the Agreement you sign after you have discussed any changes you would like included in the agreement.
From our conveyancer, we found two important points:

1. The land cannot be used to build multiple properties until 10 years from now. This means that it can only have one house per land size, not multiple townhouses etc.
2. To make sure there is a clause in the agreement to say that the Sale is 'subject to finance'. This is very basic but just as important considering most lenders want an 20% deposit for the loan and you would want to avoid scenario where you are short of money and cannot retract on your decision of buying the land. Ouch! That would hurt.

After the signing, one copy goes to the nominated Conveyancer, one to the developer and one for you to keep.

Done! Bought the land... A congratulatory hot chocolate at a cafe and we are onto our next step - House Design Part1