Purchase a block of land under option

Purchase a block of land under option
Hi everyone, I always have interest in property investment. I have couple of investment property.
Recently I have spotted a block of land about 2.4ha, its sets back of houses
and have dual street access @ price $400k. It has 2a residential zoning.
I thought it would have a lot of potential if I can purchase it under option.
Meanwhile If I can get DA approval from the council and subdivide to 20-30 lots.
(I know it could take up some times 3-12 months)
and sell it around $580k once the approval came out. The idea is the control and adding value and then sell it without putthing much of money down.
Sounds I ideal, I know it could be a lot of work. But I am willing to take my 1st step~
I have heard a lot about purchased under option.But this
is my 1st time, can someone please advice me what are the right steps to do this. (What are the must I should check and do before I purchase under option, are there particular professionals I should approach?)
If I purchase the land under option and things I should aware of and risk?

Thanks in advance~:)
 
Thanks Aaron, already talked to agent, the possibility is high. Can you advice me if the vendor says yes, what are the things must be done to reduce my risk. I have a lawyer organised.
 
Thanks Aaron, already talked to agent, the possibility is high. Can you advice me if the vendor says yes, what are the things must be done to reduce my risk. I have a lawyer organised.

Work out the terms, get a verbal go ahead from vendor get your lawyer to go through the contract of sale, negotiate any terms with the contract and have the option agreement drafted.
 
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