Pre-sale arrangements
It is common in some circumstances to enter into a contract of sale for a lot that has not been completed. This is referred to as a ‘pre-sale’ arrangement and means that a Certificate of Title has not been issued for that lot.
If you enter into such an arrangement, make sure you get an estimated timeframe from the developer as to when titles are likely to be issued. Unforeseen delays can occur so make sure you are prepared for this and it may also have an impact on your finance arrangements.
Settlement periods
When you sign a contract to secure your lot, you may have to pay a small deposit upfront and then 10% of the purchase price in the following couple of weeks dependant on the individual developers sales process.
Unless you are planning to navigate the settlement process and paperwork on your own, a licensed settlement agent will be able to handle the settlement process on your behalf.
During the settlement period your finance will also be finalised. You will pay the remainder of your purchase price on settlement day and the land is yours!