Here's my plan....settlement issues?

[Reality Cheque]

I'm in the process of subdividing a property. I'm about half way through the process but still need to get power connected (next month), go back to council for a subdivision certificate and register the title. I'm not sure how long this process will take but I'm guessing minimum 6 months?

Now,I've found a buyer for one half of the property that I'm subdividing.

How do we go about settlement when I don't know when the title will be registered. It could be 6 months away, it could 12 months. Can you just have an open ended contract with settlement when the title is registered?

Obviously it can be done, buying off the plan etc, but I'm just not sure how it works??

Can someone please enlighten me?


Thks

RC

 

[Rolf Latham]

u do need a sunset clause that works for both of you

but typically settlement is 2 to 4 weeks after title registers

ta

rolf

 

[Reality Cheque]

Thanks Rolf,

Another question. I'm guessing that there is no stamp duty payable to register the new title because there isn't a transfer of ownership.

Am I correct in thinking this?


Thks

RC

 

[tarek85]

I'm in the process of subdividing a property. I'm about half way through the process but still need to get power connected (next month), go back to council for a subdivision certificate and register the title. I'm not sure how long this process will take but I'm guessing minimum 6 months?

Now,I've found a buyer for one half of the property that I'm subdividing.

How do we go about settlement when I don't know when the title will be registered. It could be 6 months away, it could 12 months. Can you just have an open ended contract with settlement when the title is registered?

Obviously it can be done, buying off the plan etc, but I'm just not sure how it works??

Can someone please enlighten me?


Thks

RC

Hello RC,

We can have contracts prepared according to your circumstances if you wish to sell the property.

Please message if you need to have contracts drafted and Plan of Sub Application made.

Property Lawyer.

Kind Regards,

Terry

 

[Jacque]

I'm in the process of subdividing a property. I'm about half way through the process but still need to get power connected (next month), go back to council for a subdivision certificate and register the title. I'm not sure how long this process will take but I'm guessing minimum 6 months?

Now,I've found a buyer for one half of the property that I'm subdividing.

How do we go about settlement when I don't know when the title will be registered. It could be 6 months away, it could 12 months. Can you just have an open ended contract with settlement when the title is registered?

Obviously it can be done, buying off the plan etc, but I'm just not sure how it works??

Can someone please enlighten me?


Thks

RC

Hi RC

Rolf is right in that most of these contracts have sunset clauses. Just ensure you make it sufficiently long enough eg: 18mths to allow for council delays (trust me they happen ) Unfortunately we just lost a private sale on a block of land as the sunset clause was shortened upon agreement to buy and the buyer used it to pull out of the deal when we weren't yet registered. Best of luck with it all.

 

[Reality Cheque]

Hello RC,

We can have contracts prepared according to your circumstances if you wish to sell the property.

Please message if you need to have contracts drafted and Plan of Sub Application made.

Property Lawyer.

Kind Regards,

Terry

Thanks for the offer Terry.

I'm also buying another property to subdivide and the plan is for it to settle on the same day. So we'll register the title, then a few weeks later settle on the lot we're selling and on the property we're buying on the same day. Then we'll subdivide and do it all over again.

I've already engaged a solicitor for the sale of the property so I was thinking of using him to register the title and for the next purchase as well so as to run as smoothly as possible.

I must admit a specialist property lawyer is appealing though.

Will PM you anyway.


Rgds

RC