You are about to embark on your new home building journey. As exciting as this time period is, there are a lot of regulations, processes and procedures that you will have to understand. One of them is the process that happens when you buy land.
That’s why your team here at Essence Conveyancing is here to provide you answers and explain how the land titling process works (in a nutshell!).
Overview of Land Titling
Purchasing land not your regular, run-of-the-mill purchase. It requires a bit of hoop jumping with different parties and processes before you can start building your dream home.
To put it simply, land titling is the process where land is handed from the previous owner to you. WA has its own register documenting who owns what land. Typically land can be purchased in two ways; either you buy land from a developer or you purchase land through a private sale.
What’s the Land Titling Process?
How do you plan on purchasing your land? Will it be via private sale or a developer? If you are purchasing land through a developer, the process of titled land is a slightly longer road. Although, in today’s market land, is in such high demand, most people acquire land these days via developers!
1. Alright, so you have chosen the lot of land you desire to purchase. These are generally released in stages by the developer. From here you normally will need to put down a deposit and sign the contract to secure your land. That being said, it is important to note that although this is the usual order or events, depending on the stage of the developer and when you decide to buy, you may not necessarily have to sign before titles are issued. When the titles do get issued, the developer will work with you on a closer level in order to proceed to settlement.
2. At this stage, it is time for the developer to organise the land so that it can be registered by the council. Sometimes the date when your land will title can be postponed by several months if there are delays.
3. Now once the above is a ticked box, the council will register the land. Of course, if there have been delays (which happen from time-to-time), this will also be pushed back slightly. Remember, patience is a virtue.
4. After the council has registered the land, the developer can then inform you that your land is ready to be titled.
5. This is where your Conveyancer comes in. Your team here at Essence will help you transfer the land name from the developer to you (now that has a nice ring to it!). Please note, it is important to engage a Conveyancer within two months of signing a contract to avoid late lodgement fees with the Office of State Revenue. The earlier you speak to us, the better!
6. Now it is time for that slice of land to be yours. Once you have a set date for the land title to be transferred, you can work towards settlement with your conveyancer. Now let us pop open the champers, you are a land owner! A bonus? If you have a signed building contract prior to settlement, you will end up paying slightly less on Stamp Duty, as it falls under the residential rate not the general rate of duty.
Book in a meeting with us of course! We love helping our clients through various stages of their property settlement. Whether you are building a new home, purchasing an existing home on the market, have acquired a home through your inheritance or are transferring your home into your kid’s name – we are here. Don’t be a stranger, contact us today.