So, you’ve just decided that you’re finally going to buy your own piece of land. That’s a significant step in your life. However, do you understand the steps that you need to take when buying land for sale in the Geelong region? Here’s a guide on all the things that need to go in before you become a landowner:
You’ll require committing yourself into buying the property, hence the need to sign an agreement with the land seller.
It’s a requirement that you place at least 10% of the total value of the property as a deposit, which is a sign of your commitment to purchasing the plot of land. At this point, you can seek financing to develop the property. After making the deposit, the seller removes the piece of land from their listings.
Cooling Off Period
After making a deposit, you have a specified period to rethink your decision of buying the piece of land. Should you change your mind, you’ll get a refund of a certain percentage of the money you had paid, and you’ll be free from the purchase contract.
This stage involves inquiring from relevant authorities about the piece of land. The agent takes time to conduct the land transfer process, changes the documents titles, and further obtains official stamping from the authorities.
You’ll require confirming that you’re still interested in making the land purchase, check the documents, and verify your payment details. The agent will then hand you in the respective legal documents of ownership if you reach an agreement, and you now officially become a landowner.
Buying land is one of the most significant investments you’ll make in life. Therefore, you need to be careful about all the steps you take to avoid conflicts, such as land claims by other individuals, in the future.