Hi, I placed a deposit to purchase a block of land 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 a Draft Survey in the land contract, and land registration is a few months away. I don't want to sign contract without knowing the valuation result and whether I can get finance approval. Normally, when should pegs be installed on the land, before or after registration?
Usually temporary marker stakes go in prior to rego specifically for lot boards to go up and for val access and then pegs prior to settlement (should be in the contract). If yours aren't in, chances are none in the stage are in yet (unless your lots pegs were specifically knocked about which is unlikely since no one should be in there apart from valuers). Its unusual that val access would be granted prior to lot boards/pegs/stakes however. Forward this to the customer relations/sales team who will re-forward to development team to organize/expedite. No vals = no settlements = developer not happy. They will get their skates on. Ask for subject to finance clause. Unlikely to get 'satisfactory valuation' clause.
Typically an estate subdivision gets pegged twice (although in some cases the first pegging doesnt include pegs, but only stakes, this is a cost saving measure and only used by some surveyors and accepted by only some civil contractors). The first pegging occurs after the subdivision permit is granted and is for two main reasons, 1. To help sell the lots in the presale process, as the future purchasers want to see what they own. 2. Pegging prior to any civil or construction works, to help the civil contractors build the roads, footpaths and services in the correct spot. The final pegging occurs prior to the final council approval, and is a requirement of the subdivision process. After the lots have been registered and sold, there can be a third pegging by the new owners or builders, to confirm the boundaries before putting up the new fence or building the new dwelling, but this is not the responsibility of the estate developer, and most of the time the pegs will still be there, but could be covered with dirt. The above is the process in vic, and i imagine its similar in the other states. As stated above, if you tell the developer that you cant purchase because it isnt pegged, they will get their surveyors out there very quickly.
