Yesterday we received confirmation that land contracts had been exchanged successfully and within the required timeframe. This timeline was important, as it secures the 5% discount on land, something that’s pretty common for quick settlement. From the time we indicated we wanted to purchase the land, the vendor’s solicitor took 2 weeks. From the time our conveyancer received them, the clock started ticking. He received the contracts on the Friday, we met with him the following Monday and after a couple of emails confirming our side of things, by the time we met, he had a briefing document prepared based on the land sale conditions, covenants etc. He was great and super responsive via email.
He asked us to take a few days to read through his notes and all the detail and by Friday we had it back to him, signed and ready for return. A week later and the confirmation came which ticked a much needed box for us.
The difference between meeting this date and not would be a $7,250 difference in price, a figure we’d much rather put towards the house, or better yet, just save. So now we wait. With land secured, we’re now faced with many months (we’ve been told around 8) for the subdivision to take place.
During this time we’ll still need to make our house selections, visiting Studio M in Shepparton at some point over the coming months. We’ll use this time to save a bigger deposit or have money left for the post-build costs like landscaping, fencing etc.