This may seem silly but we are looking to purchase some land for our retirement PPOR next year, and will be paying cash as we won't be building on it for a few years to come and its quite rural. How do we go about it. Is settlement the same period or can it be hassened. Its in another state; I assume we have to engage a convayencer / lawyer at some stage in the process- and therefore need one in the state/area we are purchasing from. Any tips for doing this right?
Thanks in advance
There are better means to finance and structure this to offer you a bit more flexibility + a safety buffer …but I wont say it’s silly, since it’s your PPOR + rural + no intention to build.
Paying cash or finance makes no real difference in the way a land settles/exchanges contract; the only diff is you can exchange faster if you want since you dont need to wait for the bank + this means you might have greater bargaining power to lower the price ( quick settlement)
But all in all, it’s the same process and settlement period is up to you and vendor to decide but the standard is 45 days ( depending on the state).
Regards
MichaelMick C | Shape Home Loans
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