Can't get valuation because there are no pegs on the land

Discussion in 'Loans & Mortgage Brokers' started by Anjohn, 11th Oct, 2020.

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  1. Anjohn

    Anjohn Well-Known Member

    Joined:
    8th Jun, 2019
    Posts:
    58
    Location:
    Sydney
    Hi, I'm organising finance for a land and house package in a new estate in Gold Coast, then I was notified by the bank valuer that he could not find the lot because the allotments are not pegged out. There is draft survey in the land contract, and land rego is expected in a few months.
    Is this a normal situation where no pegs can be found on the block prior to land registration? How would a buyer organise finance without valuation under this circumstances?
     
  2. bmc

    bmc Well-Known Member

    Joined:
    18th Oct, 2015
    Posts:
    1,123
    Location:
    Sydney
    @Anjohn
    yes,
    the lots will be marked numerous times throughout the course of the subdivision construction. The pegs are often pulled out by various contractors installing sewer pipes, electrical conduits, stormwater pipes, and the road construction etc etc., but upon completion of all the conditions of the DA the Surveyor will remark all the lots prior to lodgement of the subdivision plan. (as per survey regulation)

    Otherwise if the lot is difficult to find you may have to engage the Surveyor to mark out your lot so he can find it.