NSW Buying Unregistered land

I'm looking to buy my first property and I came across some unregistered land. I thought I could maybe purchase and then build in a year or two when it becomes registered giving me more time to save more money. But i'm not sure the whole process and how unregistered land works.

Looking for some advice or someone who can hold my hand and guide me through the process, not in a rush to buy just trying to score a bargain, so if I can buy and build in 1 - 2 years i'd be happy with that.

 

Seems you are looking to buy in Sydney.
Peak of market.
What sort of advice are you looking for?

Regards

 

Thanks for the help

I just was wondering how it works buying unregistered land, since the bank won't lend to you, do you pay the seller up front or just provide a deposit ?

 

What do you mean by 'unregistered land'? Eg. New subdivision, house/land package or has someone come up with a way to manufacture land not currently captured under a traditional Lot & DP?

 

4 people in my office bought unregistered land. The promise for most was that it would be registered in 1-2 years. The reality for them is that it's now 4 years on and they are FINALLY starting to build. One is still waiting for his, somewhere near Windsor.
Even 2 years is a bloody long time to wait, and be out of pocket. You still have to pay stamp duty before it's registered.

 

Stamps before registration? That is news to me. Are you sure?

Regards

 

Yes, you have to pay to the seller.
Please bare in mind that if seller paid x and you are paying 2x.
The entire risk of x amount is yours. If say, you buy in an established estate. Tomorrow, estate does not gives the land to you and offers to return the money, it would be x.
If there is a change in land measurements. The returns or penalties paid will be according to x. Havimg said that, a lot of transactions happen like these and you need to involve your conveyancer for a smooth transaction.

We also cannot ignore the fact that you might see transactions lower to yours in coming months.

Regards

 

That's what they were saying, yes. They all bought out in Glenorie and Kenthurst NSW. They said they had to pay stamps within 90 days of 'buying' the land. Even though they only paid 10% deposit for the land at the time.
And if it doesn't get registered for whatever reason, or they sell prior, they could apply to get the stamps back.
I've never been through it, just what I've been told.
Might be a Hills Council thing? I know they are pretty wacky.

 

Yup
Thats weird. All that i bought in melbourne, no sign of stamps until title..

 

OSR linky - work out when your liability arises.