LD Total's top tips for maintaining your new garden
Industry NewsLD Total's top tips for maintaining your new garden
If you are looking to build, it’s rare to buy a block that’s ready to build on straight away, so what happens next, and what’s the process of land titles? We’ve put together some clear-cut answers to the most frequently asked land title questions to help guide you through the process.
Why is my land not ready?
We totally understand that you want to start building your dream home straight away – so would we – but when you’re buying off-the-plan, you’re buying land that is not yet fully developed. Satterley and its contractors are aiming to build each stage as quickly as possible. Once the stage is complete and your block is ready, we’ll let you know when we reach the point of registering your land and you can start the process towards settlement. A benefit of this waiting period is that it gives you time to save money before paying the balance of your purchase price at settlement, plus you can plan what you’d like to do with your home – a big perk if you’re custom designing.
Why can’t you give me an exact date for titles?
We wish we could, but giving an exact date would be providing bad information. There are many factors outside of our control, such as weather, unforeseen matters, installation of services and Council approvals – all of which can play a part in the process. Instead, we provide a realistic timeframe for land titles and keep you informed in the lead-up.
My lot is finished…
When will it register?
Once all land works are done, we’ll need to submit documentation to the relevant Council for approval, and obtain sign-off from all authorities – water, power, NBN/broadband, and so forth. We typically allow 4-6 weeks for this, following works being completed. Once everything is approved, we can lodge at the Land Titles Office (LTO).
Can I access it?
Not quite. Legally, the land is not yours until settlement has occurred, and we can’t allow access for safety reasons. Sometimes we can arrange special entry for valuation purposes, which can be done by contacting our sales team.
What is Statement of Compliance?
Statement of Compliance (SOC) simply means we have sign-off from all authorities that the services and assets throughout the stage are where they should be – again, these would include water, power, broadband, and so on. Issued by the Council, the SOC is their evidence that all requirements have been satisfied. This must be included with all documentation being lodged at the LTO, in the next step of the process.
What happens on my settlement date?
After receiving your titles, settlement is the day your land ‘officially’ becomes yours. Usually attended by legal representatives on both of our behalfs (should you choose to hire a conveyancer or solicitor) and your lender, settlement is when you’ll pay the balance of your purchase price. Your conveyancer or solicitor will also verify the registration of all your title documents so that the land title shows the change of land ownership. Once that’s done it’s time to celebrate owning your block! Plus you could start building your dream home in just two weeks.
For more information visit our Home Buyer’s Toolkit.