Looking for advice and recommendations

Looking to buy a land to build a PPoR
The developer has asked for 7K deposit for a hold and expression of interest.
Q: how do I know it’s a real Trust account and not a scam. I’ve checked his webpage and some basic checks but not sure what else should I do to confirm it’s genuine. And if I don’t like the land for any reason I can pull out if necessary within the cooling off period?
Q: what happens if I end up buying another property before this land is settled? Can I sell it any concerns? I’m assuming I’ll be able to sell it once the land settles but have to take the hit on stamp duty. Does it make a difference if I’m buying this land with intention as a PPoR

 

first, ask your solicitor to read the contract. Solicitor can guide you in this process. Buying establish home or land you should have a solicitor/conveyancer representing you.

 

My experience was I paid a 0.25% holding deposit, paid to the real estate agency, upon my offer being accepted and signing the contract. I then had 5 working days cooling off when I had to pay the 10% deposit less the 0.25%. In your case $7000 would make it a $2.8m sale price, and to only be considered an expression of interest. It sounds suspicious to me, but I don't know how it works if buying from a developer. I'd also say seek advice from your conveyancer or solicitor. I wouldn't lock up your money if you're considering buying another property, relying on being able to sell the first. I think you should decide what property you really want before committing.

 

Can you see the land before putting down a single $1?

Solicator or Conveyancer should be able to manage this for you. Most developer contracts are on sided, non negotiable and mostly of the time protecting themselves in every scenario.

On-selling your land to another party, just in case would depend on the contract. Some developments/developer do not allow "nominee clause" in which case you are required to either settle the land per your signed contract or forfeit your deposit amount. Solicitor/conveyancer can clarify details from your contract relating to this query.

Feel free to send a private message to me if you have any other questions clarified.