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  1. #1

    Default How do you buy a land that is not yet titled off someone?

    Hi sorry if it is very unclear, I am just wondering how money changes hands when a land is not titled and vendor only has paid a deposit to the developer?

    Say vendor bought land for $250k. Paid developer say 25k deposit, and 225k due upon title which is say in 6-12 months.

    Now if you buy if off vendor for 300k for example ...

    Are there any special clauses you need to include in the S&P?

  2. #2

    Default

    Subject to title being issued.

    If you're buying, I would definitely have a sunset clause on that sucker.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  3. #3

    Default

    if bank is involved they wont hand money over till title available as they cant get mortgage registered assuming you cant register to existing title?

    I knew a case where title never eventuated and S and P was left hanging with deposit left with agent


 

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