Title registration for off the plan purchase

Discussion in 'The Buying & Selling Process' started by kanad, 28th Mar, 2019.

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  1. kanad

    kanad Well-Known Member

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    15th Nov, 2015
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    VIC
    I am interested in buying a newly constructed townhouse. The construction has been completed with all fittings and landscaping done when I inspected it. But the title hasn't been registered yet.

    I read the contract of sale, legally it is an off the plan, and it says the contract expires if title doesn't come within 18 months, the agent is saying don't worry it will come in couple of weeks, but I want to not get stuck just in case. If the agent accepts my offer and I have to sign the contract of sale can I change the 18 months to 1 month. Basically get the title within 1 month or the contract is void and my deposit is refunded. I want 60 days settlement.
    Another townhouse on the same block has been rented out this month and that is showing up on landata site.

    Another question will bank value the property now or only after it is titled?
    I am a bit confused now. I will try to speak with my mortgage broker tomorrow.
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The agent doesn't accept the offer, the vendor does. You can only change the contract if the vendor agrees. You should seek legal advice.
    Probably unlikely for the title to be issued in one month if they are asking for 18, but you never know.

    A bank will only value once title is issued.
     

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