Guide to Buying your First Home

31 BUYING PROCESS contract, then take it away and get your solicitor or conveyancing person to review it for you. You will need to arrange this quickly because most companies won’t allow the land to be off the market, by only a holding deposit, for more than a few days. Securing your land Once you’ve moved forward and paid your deposits and signed the contracts, the signed contracts then need to be signed by the owners (developers) and your solicitor or conveyancer will require a copy of this to formalise the contract. Once signed by both parties and received by your solicitor or conveyancer it becomes an exchanged contract and you’ve secured your land purchase. Final settlement The final settlement could still be some time away. On all new developments aroundMelbourne’s fringe, land is pre-sold. This means the land you will be considering has not commenced development, you will be buying off a plan and you will most likely be shown a vacant paddock where your allotment will be. Do not fear, this is common. From the time you enter into the contracts and make the final payment for your land it could be 18 months away. It can take up to 12 - 18 months to get land developed and ready for final payment. Once the road construction and servicing (water, sewer and gas) are completed on the area of land you’re buying, the final plans can be lodged at the titles office and your individual title can be issued in readiness for your final payment. Final payment is generally 14 days from the issuing of the title. “… it can take up to 18 months to complete your land transaction.”