Contracts and settlements
After you’ve established your criteria, spoken to your financial institution and identified your new homesite, you’ll be ready to purchase your new property.
You’ll find sales representatives available at all of Peet’s communities to outline this process.
The steps will include:
- Preparing a contract of sale. This is the written agreement outlining the terms and conditions of the sale, including the price you are offering, the settlement period and any special terms or conditions. The contract of sale will either be made as:
- an unconditional offer, usually when the purchaser has cash available immediately; or
- a conditional offer, which nominates specific conditions on which the sale relies, such as securing finance or the sale of an existing home.
- When both you and the seller are happy with conditions and the purchase price, the contract of sale is signed by both parties. This is called the exchange of contract.
- Immediately after the exchange of contract, you will be required to pay a deposit.
- During and after this time, you will organise a settlement agent, clarifying any special terms and conditions and finalise your loan arrangements. You may also start planning your home design and initiate contracts with architects and builders to start your home construction, as soon as you receive the land title.
- About two weeks after the settlement date listed on your contact, you will be asked to sign a transfer of land document, which is then registered by the owner or developer with the Land Titles Office so the property can be transferred to your name.
- The process of registering the land title will occur next. This is an official record of ownership of the land and is kept by the Registrar of Titles. Once this is complete, final settlement takes place at which time any outstanding payments are made.
- Finally, you take ownership of your property – a significant and exciting milestone for any property buyer!
Peet sales representatives will explain the specific dates provided in the contract of sale. However, we strongly recommend you seek professional financial and legal advice before entering into a contract of sale.