andyaldy

I have just put a deposit down on some land in the Brisbane area, we will get a Metricon home built on it, i am told i am meant to pay the land out in full within 30 days, this depends on our home selling in this time, i have been told if i do not sell it within this time i can get an extension for another 30 days, has anyone ever had problems with this and can they put the price of the land up in this time, also is that the longest time you can get to settle the price.
thankyou

sassie

Hi. From our experience, 30 days seems to be the standard time frame for settlement of land. Although, when we bought ours, we had 90 days, but that was just a one off promotional thing at the time. When you paid the deposit, presumably you signed a contract of sale, so I wouldn't have thought that the land price could increase.

Wol

Have you *really* signed a contract to buy land with money that won't be available until you have settled your house sale? Or have I misread your post?

andyaldy

no i havent signed the contrat yet, but i will be doing soon and its made subject to my house sale

kegsta

We have also just bought land and Metricon are building for us. Who are you buying the land from? Is it from the developer? In general you can normally negotiate a longer settlement and write that into the contract (90 days is normally the maximum). You can also insert other terms, such as subject to finance, subject to visa, subject to house sale.. What they're most interested in is when the contract goes unconditional (our equivalent of exchange). We've found the whole conveyancing bizarre and disorganised in the extreme and are not quite sure whether it's just the particular people (developers and solicitors) we happen to be dealing with, or whether it's a general problem with Australian transactions of this kind (nothing explained fully, dates all a bit fluid, solicitors so laid back they might as well be sitting on the floor..). If it wasn't so serious it would almost be funny. Where are you building? Which Metricon design have you chosen?

best

Kegsta

Wol

Good: I'd heate to see anyone committing themselves to a contract that they might not fulfill, costing $$$!

theshinenz

I realise this is a bit of an old post, just wanting to know though, if we buy land and pay for it in full, then pay a deposit on say a metricon or simonds home when does the full mortgage have to be financed, ie making payments on it, are there any house builders that let you pay when you get the keys or do you have to pay the mortage and the rent for the home you are staying in while built at the same time??

Centurion

Basically no. Your lender issues stage payments to the builder over the course of the build. I would not imagine any builder buying into the concept of paying for everything and then waiting until the last moment some months (or even a year or so) later to be paid.

youngy73

the price should be fixed on the contract you sign unless there is a clause saying that the price is subject to change. in that case i would not sign it.