Land Development FAQ’s
A land title (also known as a certificate of title) is a legal document that has been issued by the relevant state’s official government department for land ownership. On the document, the owner’s name is listed with a legal description of the particular land. This document is needed for settlement to take place. Without titles, settlement cannot be finalised on the piece of land. Each lot in DJ MacCormick’s estates has its own certificate of title.
You can however, continue to develop your build plans until titles are due. This allows you to continue saving your deposit, however some prefer to purchase a titled lot as it means settlement and construction can happen sooner.
Settlement is the process in which property legally changed from one owner to another and the full purchase price is paid to the seller. When you purchase with DJ MacCormick Property Group and have received a notification that your property has settled, this means the lot ownership has been officially transferred from DJ MacCormick into your name.
When you sign up for a block with DJ MacCormick, you will complete a form called an Offer and Acceptance (O&A). On this form, you are requested to nominate a settlement agent or solicitor. Your nominated settlement agent is the person/company who will prepare all the necessary paperwork involved to purchase your new block and transfer the ownership of the land to you. They will also notify relevant parties of the purchase; including councils and authorities that you are the new owner. Once they have sent you a letter which confirms they are allowed to act on your behalf, the process of change of ownership can begin.
Each of DJ MacCormick’s land estates have building rules and guidelines in which the owner must abide by in the construction of their home. This allows a consistent and attractive community to be built. The building covenant is presented in an annexure within your O&A and will cover things such as types of materials used, the exterior facade colours, garage or carport construction and the ratios in your front garden. This will ensure a beautiful estate that owners will be happy to live in long term.
DJ MacCormick prides itself on developing attractive and functional private estates for residents whom enjoy living within communities that provide lifestyle and location. Our estates are lined with street trees and gardens to create a stunning streetscape, completed with parks that have fully equipped BBQ facilities, and consist of a range of lots including traditional and cottage to suit your budget and lifestyle.
Buying or building a home is one of the biggest investments one can make so it is important you’re comfortable with the financial commitment long term. The best way to start is by looking at your current financial situation and working out how much you can afford each week in mortgage repayments by drawing up a budget. If you are already renting, you will have a good idea on how much you can aim for each week in repayments and if you can afford a little more or would like to pay less. The next step would be using an online borrowing calculator and visiting your bank for an accurate loan amount you can take out.
It is also ideal to start researching the type of block (traditional, cottage etc) and browsing different build plans to work out what is important to you in your new home. This will help you work out what you can build within your budget and if you would like to make any adjustments to your budget.
If you are buying or building your first home, you may be eligible to apply for the Government’s First Home Owner Grant (FHOG), a once only grant to assist you with the purchase of your new home. You can apply for an application once a contract to purchase your new home site or building contract has been signed. For more information visit www.firsthome.gov.au
Another unique offer is going through Keystart. Keystart was established to provide low-deposit home loans to West Australians unable to meet the deposit requirements from mainstream lenders. The deposit required in the metropolitan area is 2% of the property purchase price and up to 10% in regional WA depending on the property price and its location. For first home buyers, the first home owner grant can contribute toward the deposit. For more information and to see if your eligible visit http://www.keystart.com.au/
Once your contract as been signed and you have chosen your settlement agent to act on your behalf, you need to start planning your house designs to enable your broker/lender to confirm finance approval by the date stated in your contract.
Once your loan is approved your lender and settlement agent with then arrange and book in settlement. Your bank will prepare mortgage documents to sign and your settlement agent will send you a transfer of land document for sign. At settlement your chosen home lender will pay funds to purchase the land. The signed Transfer of Land is lodged at the relevant government department to enable the land to transfer to your ownership.
A setback is the distant from a curb or property line where building is off limits. Setback rules are different at each lot/stage and development. Setbacks can affect where your home, pools, garages or other features can be located.