Buying Vacant Land
Things to consider when purchasing any property include:
- check contract;
- get legal advice;
- do your homework;
- document all promises and commitments in writing;
- inspect;
- measure land;
- restrictions;
- easements;
- chattels and fixtures;
- renovations, extensions and recent building work;
- rates and taxes;
- government charges;
- connection of services;
- zoning and town planning;
- funds;
- foreign investor;
- auction; and
- cooling off.
Also Consider When Buying Vacant Land:
- SOIL TEST: Undertake a soil test prior to signing the Contract or make the Contract subject to a satisfactory soil test.
- WORK CLOSELY WITH THE COUNCIL: You should contact the local Council and investigate whether you are permitted to build on the land, and if so, what type of building is permitted? Are you sure you will successfully obtain a Planning Permit to develop the property in the future?
- BUILDING COSTS: Factor in your building costs when you consider purchasing the vacant land.
- ZONING & PLANNING: Again, it is important that you check that the local Council will allow you to build the apartments, dwelling, factory of commercial offices you intend to build.
- GST: Consider your GST position. Is the property being sold inclusive or exclusive of GST. Failure to ensure that the Contract clearly addresses GST can prove very costly later on.
NOTE: This is information of a general nature only and cannot be relied upon as all encompassing. You must seek legal advice specific to your purchase and never commit to an agreement unless you have obtained that legal advice. Contact us for further information.