Sloped Land and Repercussions of cancelling contract

Hello Everyone,

Would appreciate your advise on this matter. I signed up the contract for a lot of land, which has a 4 meters fall on the 40 meters length. The building pad has a 1.4 meters fall at 8.5 degree angle. I have absolutely no idea about the property, just a fresh graduate with 50K salary and 15K savings. My single mom never owned a house and I always wanted to get a place of my own as soon as I could. I asked agent is the slope too much and he told me that there is only 600-800mm fall and won't add to any site costs and I agreed to a regular price (200,000$) for the lot (670m2) in our area. The view is quite good from the site (if I make a duplex) and the house is almost on the top of the small mountain, thankfully, the soil tests came out at Class M (red soil). I have tried talking to builders in our area but they are not even giving a rough figure for site costs. I still have 2 days cooling off period to cancel the contract, and I feel I invested in the lot already with soil test (450$ approx), 2K deposit for the lot. I am just trying to find out what sort of extra site costs I am looking at for construction of a brick home. Also, there are 3 trees (pics attached) on the site, which need to be pulled out from the ground, could you please advise what sort of costs will be involved in getting this done. Also, what do I need to know if I decide to cancel the the contract in cooling off period. in QLD.

EDIT: New Pic uploaded to show the slope. Please also note that the grass is a bit long so the slope is not showing here, but all the dimensions mentioned above are correct as per the information above.

 

Can you go to a builder quickly and ask approx site cost? I'm not sure about QLD, but for my build in Vic people say expect additional $10k for every 1m slope if building with project builder (I.e. One that need to plop a slab).

Also think of split level home for place with slope, maybe less cost. As for trees, I'm not sure but other members should be able to provide input

 

Thanks a lot, appreciate it.

 

Big $$$ there. Might be better to cut your losses, write it off as a learning experience and move on.

The other concern is the conduct of the agent. I don't know the rules in QLD but I'm sure you would have grounds to get your deposit and expenses back if you were to fight it.

 

Was talking to Urban homes today and was advised $15000 per metre fall for site cost. That sounds about right. As for your budget, is it for a single level?
Trees removal, I would budget for $1000 each. (personal opinion only!)

 

Firstly, after reading about the trees I was expecting HUGE ones, but luckily from pics those are bugger all, easy DIY.
"IF" there gunna be in the way for now with construction, buy yourself a cheap chainsaw from Bunnings, dock up the branches, cut stump to ground level, drill holes around edge next to bark, pour straight roundup in them.
Throw green waste into a trailer (few loads) & take it to the tip, or get a skip bin, or throw it all to one side of the block for now out of the way.

As for slope, doesn't look that bad from pics but will need leveling if concrete pad.
However, looking at the neighbors houses they look like they're on stumps, consider doing the same, only requires postholes drilled.

Depending on your budget, things like site excavation for driveways etc can wait till you have a bit of equity, place some 2x2 slabs from car to front door etc

 

Hi @Sachi

The cooling off period is one way out, albeit with cost associated.

The other is on the building & pest clause, or the finance clause, or a due diligence cause or other relevant special condition. Do you have any such conditions on your contract? Also have you nominated a conveyancer or solicitor to act for you in your behalf in this transaction?

 

Yes, I have the condition on satisfactory soil test and finance clause. Yes I have nominated the solicitor after I signed the contract, as I needed someone for conveyance purposes.

 

I paid 35k site works and retaining for a fall, sloping block 1.5 metres from front to 2.5 metres rear

You have a significant slope.

Tree removal is minor

soil test should be around $300, $2000 is over the top I would have thought

You have an out if need be, otherwise can you negotiate a reduction ?

 

Sorry, I did not make it clear enough. I paid for soil test which costed $484 and the deposit needed for the lot was 2K. Also, was your fall for the length of the block or the building pad. My fall for the length of the block is 4 meters and for the building pad it came out to be 1.4 meters.

 

Tell the agent you're going to exercise your cooling off rights because he gave you wrong information about the block.

- If he lets you go, move on. Plenty of fish in the sea.
- If he tries to keep you negotiate a 35k reduction on price (that's what MTR said it cost her) to counter your costs. If he says no, move on as above.

 

Thanks a lot sir. Really helpful.