Hi, I've secured a property with a historic stone cottage on the beach in Tasmania. After a long negotiation, I've been able to lock down the price and get indicative finance offer on the table. We have the contract subject to finance and DA. giving us 90 days till settlement. Our surveying plan, allows us to divide the surrounding land into three beach front titles, one of which is 2500m2 and can be further developed under a staged strata scheme. Opteon have indicated the GRV value is conservative at $1.3mil which is over double my purchase price and not factoring in any further value increase under SSS. The cost to finish civil's is $80k but we can do a part 5 agreement to separate a title which we will sell for a consecutive settlement.
We have two cash buyers jostling for the first two lots being released already so it's a pretty good deal that I don't want to drop.
I got stuffed around a bit with a small loan that was going it be caveat finance against the equity in my house and now I don't have the deposit ready. The vendor signed the contract anyway so technically we are under contract. I do want to honour the vendor with the deposit still. I am willing to pay a fair amount for the finance upon the sale of the second block of land but I don't have that finance upfront.
Is there a way I can enter some partnership or agreement to borrow equity or a bank bond for the deposit? Can my solicitor offer this to me? Seeing as if we don't meet the conditions of the contract the bond is dissolved? And once we meet the finance clause then our finance is already on the table, covering that 5% deposit.
I would even offer 100% return on the amount upon the second sale of a water front block? I have heard that solicitors use to sometimes come in on these things since they understand the process and how little the risk is for them especially if they are handling the legal process. The reason it's a challenge is because we don't have much time.
Any advice?
We have two cash buyers jostling for the first two lots being released already so it's a pretty good deal that I don't want to drop.
I got stuffed around a bit with a small loan that was going it be caveat finance against the equity in my house and now I don't have the deposit ready. The vendor signed the contract anyway so technically we are under contract. I do want to honour the vendor with the deposit still. I am willing to pay a fair amount for the finance upon the sale of the second block of land but I don't have that finance upfront.
Is there a way I can enter some partnership or agreement to borrow equity or a bank bond for the deposit? Can my solicitor offer this to me? Seeing as if we don't meet the conditions of the contract the bond is dissolved? And once we meet the finance clause then our finance is already on the table, covering that 5% deposit.
I would even offer 100% return on the amount upon the second sale of a water front block? I have heard that solicitors use to sometimes come in on these things since they understand the process and how little the risk is for them especially if they are handling the legal process. The reason it's a challenge is because we don't have much time.
Any advice?
