When purchasing land at Everleigh, the process involves several key steps that need to be carefully followed. Here’s an overview of each of those stages.
Conditional
The conditional phase refers to the initial period after the buyer has made an offer on a property and the seller (Mirvac) has accepted it, but the contract is subject to certain conditions. These conditions might include obtaining finance (loan approval), obtaining a build contract, or the sale of another property. Both parties agree on a time frame for these conditions to be met.
Exchange
The exchange of contracts is a pivotal step in the process of purchasing land. This occurs when the buyer and seller exchange signed copies of the contract, and the buyer typically pays a deposit to secure the property. In Queensland, the exchange can happen on the spot when both buyer and seller sign the same document, or through a solicitor/conveyancer who manages the exchange of contracts.
Settlement
Settlement is the final stage in the purchasing process. It occurs when all of the conditions of the contract have been fulfilled, any remaining balance of the purchase price (after the initial deposit) is paid, and the ownership of the land is transferred from the seller (Mirvac) to the buyer (you). Settlement takes place on a date agreed upon by both parties after the contract has been signed. Conveyancers or solicitors for both parties and the financial institutions involved will coordinate to ensure all the necessary documents are exchanged, and funds transferred.
Covenant Bond
An amount is held in trust and is fully refundable upon approved covenant compliant completion of your home, fencing and landscaping.
Please note: Engaging a solicitor or conveyancer to guide you through the legal aspects of the land purchasing process is advisable to ensure all legal requirements are met, and the process is completed smoothly.
Please visit our Documents Downloads page to access helpful documents for purchasers.