House and Land Question

Discussion in 'The Buying & Selling Process' started by macdub, 28th Jun, 2016.

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  1. macdub

    macdub Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    45
    Location:
    Melbourne
    If the land is due to settle in May 2017, I understand that I need to pay for 10% deposit and rest at settlement but what about builders?

    Do builders also need 5-10% deposit of the building price if I lock in now or I can just pay 1k-2k now to get the price lock with a builder?

    thanks
     
    macdub, 28th Jun, 2016
    #1
  2. Propertunity

    Propertunity Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,476
    Location:
    NSW
    The land sale contract is an entirely separate issue to the builder's construction contract. The builder will require a deposit - how much is up to you & the builder - and the contract the builder uses. You should contact the builder and ask what the deposit terms are.
     
    Propertunity, 28th Jun, 2016
    #2
  3. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,218
    Location:
    Melburn
    Who is the builder? The volume builder I talked to require $1500 ish unrefundable deposit to lock the price, then another 5% (including the initial deposit) after HIA contract
     
    EN710, 28th Jun, 2016
    #3