Sunday 08 August 2021
NSW
Buying land lots in 7 easy steps.
We are regarded as one of Australia’s most trusted developers and builders. Our reputation is built on 90 years of experience, knowledge and understanding and is your assurance of professional advice from start to finish. Throughout every step of the purchase, including the selection of your property, an AVJennings Sales Consultant will be there to help.
In addition to the price of the land allotment, don’t forget the cost to build a home, stamp duty mortgage, lender’s fees, Solicitor’s/Conveyancer’s fees and mortgage registration fees. Our understanding of local needs and lifestyles helps us select the perfect mix of location and planning to create fresh new neighbourhoods. When you buy an AVJennings land allotment, you can choose any builder to bring your home to life. This way you know your future is built on a great foundation.
The steps.
STEP 1: Financing.
It's time to apply for finance. Find out how your Stamp Duty can be included in your loan. If you are a First Home Buyer, you may be eligible to apply for a couple of First Home Buyer grants offered by the NSW Government to help you purchase your property. Conditions apply, visit www.revenue.nsw.gov.au for detailed information.
Hint: To estimate your Stamp Duty, visit www.revenue.nsw.gov.au. First Home Buyers may be exempt from Stamp Duty on property purchase, subject to property value.
STEP 2: Conveyancing.
One of the first things to do is appoint a Solicitor or Conveyancer and advise your Sales Consultant. The Solicitor/Conveyancer will liaise with an AVJennings' solicitor and arrange the transfer of property ownership and all necessary information required by your lending institution.
Hint: Ask your legal representation to provide a conveyancing quote and what it includes.
STEP 3: Choosing your land.
Your Sales Consultant will help you decide on the best location and size to suit the home you want to build - and your budget.
- Aspect, big garden potential or low maintenance.
- Close to transport, parks, schools, work, relatives, entertainment, retail centres, etc.
- Choose your own builder.
Hint: Talk finance up front. Find out what you can afford and stick with it.
STEP 4: The deposit.
An administration fee equal to 0.25% of the total purchase price of the land, including GST, (non-refundable) is required to take the land allotment off the market. Next you'll complete a Purchase Application Form and sign the Contract of Sale and an Authority to Exchange with a Cooling Off Period Form. By the end of the Cooling Off Period (10 business days) pay the balance of the deposit (10% of the total purchase price including GST) to your Solicitor/Conveyancer to unconditionally exchange Contracts.
Hint: If you need legal representation call The Law Society of NSW or The Australian Institute of Conveyancing, NSW Division.
STEP 5: The contract.
Make an appointment with your Solicitor/Conveyancer to discuss the Contract as soon as possible and take the signed contract with you. Your Solicitor/Conveyancer will explain the Contract to you.
Within the 10 business day cooling off period, ensure your finance is unconditionally approved and pay the balance of the 10% deposit. Give the bank cheque to your Solicitor/Conveyancing, who will forward it to the Solicitor acting for AVJennings with the signed Contract.
Hint: Once the cooling off period has expired, there is no going back. So ask lots of questions and be very sure.
STEP 6: Settlement.
When the plan of subdivision is registered and approved by the Land Registration Services, settlement can occur. The balance of payment is due on settlement, generally up to 4 weeks from exchange or 21 days after your Solicitor/Conveyancer has ben issued with the subdivision registration, whichever is later. Your Solicitor/Conveyancer will contact your lender to confirm settlement details and arrange transfer of funds.
Hint: Chill the champagne!
STEP 7: Building.
You are required to submit your building plans to AVJennings for approval prior to submission to Council. Some community have Design Guides in place to ensure your new dream home is in keeping with the general theme of the neighbourhood to create an aesthetically pleasing environment for everyone.
Hint: Welcome to your new neighbourhood.
Helpful Contacts.
Law Society of NSW
Phone: 02 9926 03333. www.lawsociety.com.au
Australian Institute of Conveyancers NSW Division
Phone: 02 9633 1355. www.aicnsw.com.au
Revenue NSW
www.revenue.nsw.gov.au
Definition of terms.
A quick guide to help you understand everything.
Conveyancing: The process of officially converting ownership of the property from vendor to buyer.
Exchange of contracts: You sign the contract and pay 0.25% non-refundable Administration Fee with your Sales Consultant.
GST: The 10% Goods & Services tax is a broad-based tax on most supplies of goods and services in Australia.
Cooling off: You pay the balance of 10% of deposit.
First Home New Home Scheme: Non means-tested tax free gift. For more information visit www.revenue.nsw.gov.au.
Land registration: Land Registration Services approval of the subdivision once roads, drains, street lighting, etc. are completed.
Mortgagee: The home loan lender i.e. a bank.
Mortgagor: The borrower in a mortgage loan transaction.
Purchase application: All the information needed to prepare a Contract of Sale.
Settlement: The big day, when the property is officially yours.
Stamp Duty: A State Government tax, payable by the buyer on the purchase of property and calculated as a percentage of the total price.
Vendor: The person or organisation selling the property.
FAQ's.
Q: When can I start having builders inspect my land?
A: The land allotment can be inspected by builders subject to prior arrangement with your AVJennings Sales Consultant.
Q: What happens on settlement?
A: Full payment is transferred from your lender to AVJennings.
Q: When can I start building on the land allotment?
A: After settlement has occurred, subject to the required documentation submitted and approved by AVJennings and Council.
Q: Who do I need to submit my house plans to?
A: Before you submit plans to Council, they must be approved by AVJennings. Contact details are supplied in the Design Guidelines for the estate.
Q: What are Design Guidelines?
A: Design Guidelines are created to ensure homes built in the estate are keeping with the general theme of the neighbourhood creating an aesthetically pleasing environment.
Q: Where can I get a copy of the Design Guidelines?
A: Your Sales Consultant can provide you with a copy and they form part of your Contract.