Now that you’re a proud owner of land at Olivia in Truganina, and planning a future for you and your family, the next step is to start creating your ideal lifestyle starting with a home. Your home is your sanctuary and building a home you will love to live in needs careful planning.
It takes on average about 4-5 months from the day you begin researching your options for a new home build, to actually starting the building process. Therefore, if you want to begin building soon after settlement, the planning needs to start now.
Planning for a new home build can be an enjoyable and exciting experience for everyone if you give yourself enough time. Here are 5 steps leading up to settlement to help you prepare.
What is property settlement?
Property settlement is the legal process of transferring the ownership of a property from one owner to another. There is a significant amount of paperwork and legal forms to sign and complete during this process. In Victoria, you must have either a conveyancer or conveyancing solicitor to finalise the process. You may choose to do the paperwork yourself, but you will still require a conveyancer or conveyancing solicitor to lodge the settlement. More about this below. Step 1 – Exchange of contracts
The exchange of contracts occurred when you purchased a land lot at Olivia and paid your deposit. When construction is complete, the land titles will be released and available for final settlement. In the meantime, there are a few steps to get through.
Step 2 – Get your finances organised
If you haven’t done so already, you’ll need to have your finances organised to ensure that settlement is completed without any problems. Your mortgage broker or home loan provider needs time to review your current financial position to approve the funds for a home loan application.
You may choose to work directly with your bank or an independent mortgage broker to finance the mortgage. Both banks and mortgage brokers can provide competitive rates and exceptional service. Whichever you choose comes down to personal preference and perhaps prior relationships that may already be in place.
Step 3 – Start planning to build your home
It takes 4-5 months to actually begin the building process of your home from the day you start researching. This process takes time because building a home is exciting and you are spending more money than you have probably ever spent before. And you want to get it right for you and your family.
Give yourself plenty of time to make decisions about how your new home will suit your lifestyle, a growing family, the spaces you’ll need, the fixtures, fittings and the outdoor landscaping. All these decisions are less stressful when you have time and you’re not in a rush.
Starting the process well before settlement will make it easier on you and your family and means you’ll be in your home a few months after the settlement process is complete.
Olivia have partnered with a select group of builders who have a range of house and land packages and home designs for small and large land lots or you can choose your own builder.
Step 4 – Engage a conveyancer or conveyancing solicitor
A conveyancer or solicitor is necessary for final settlement of properties in Victoria. You can do your own conveyancing but the lodgement of the paperwork to complete settlement can only be done by a conveyancer or solicitor.
They are responsible for ensuring all the paperwork is prepared for the settlement and title transfer process by ensuring that all legal obligations are met. They also protect their client’s rights during the transaction.
If you’d like more information about settlement, contact the Department of Environment, Land, Water and Planning here. For a list of conveyancers in Melbourne, please click here and for further information about lodgement, visit the PEXA website.
Step 5 – On settlement day
The big day arrives when many moving parts have to come together to complete a settlement. On settlement day, which is an agreed day, time and place, your conveyancer or conveyancing solicitor will meet with the seller’s representatives to finalise all legal documents. They will also organise for the balance of the purchase price to be paid to the seller.
The property is then transferred to you – the new owner. This process should run smoothly if all aspects of a settlement have been properly prepared.
Any questions about settling your land and property?
If you have any questions about the upcoming settlement of your land, contact us at Olivia we’re happy to help.
Construction is going full steam ahead as planned at Olivia and we are expecting Stage 1 and 2 titles for settlement in July 2020. Exciting times are ahead for you and your family.
We look forward to seeing this new community at Olivia thrive and prosper, providing a safe, happy and healthy environment to raise your family, upsize to your dream home or invest in your future.
Call us today on 0422 871 939 to enquire about lots for sale, house and land packages, or register your interest for upcoming exclusive releases.