Hi,
One of my friend deposited 20k for a reserved land and its settle in 2026.
Now he cant build in next year and like to transfer for initial value.
Stage 4 is releasing in 2027 and value is 20k more.
What are the things i should check and any risk to this purchase?
Good Morning,
Just make sure the contract does not include a clause that does not allow the sale to be on forwarded to a nominated party prior to settlement first. Different states may have different rules, but I know in Melbourne of recent years, some contracts do not allow the on sale of land until the property has been sub divided and settled.
Other than that, just make sure you have a conveyancer check over the contract before signing anything to make sure of any issues or things you may not be aware of. If you are in Melbourne, Angela or Nicolette from New Vouge Conveyancing will be able to assist and their contact number is (03) 9737 6641.
Christopher Berry | Find A Better Rate Home Loans
https://findabetterrate.com.au
Email Me | Phone MeTaking the Hard Work of your home loan
A further thought – make yourself aware of any covenants that might be in place. e.g. the building might need to comply with certain stated conditions so as to “fit in” with the rest of the properties surrounding it. Those conditions might add extra costs to your build that you were not contemplating.
Also, do compare the land cost with other similar developments by other companies. Some over value their blocks, thus limiting its capital growth for some years. Don’t go buying it just to help a mate – “No, sorry” is still a valid reply in English. :) It needs to make sense to you first.
Benny
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