QLD H&L Purchase Process
By June, 8 Aug 2019
By June, 8 Aug 2019
Queensland Off- the-plan Property Purchase Process (House & Land Package)
Buying a property off the plan means buying a property that has not yet built, which may sound a little unsecured, yet thousands of buyers are buying off the plan every year because of its apparent benefits. By understanding the purchase process and preparing for each step, you will be in a much better position to make a stress-free purchase.
1.Express of Interest (EOI)
After selecting the right property, you will need to sign an EOI and pay a deposit to the developer to reserve the property. Each developer has different requirements for deposits, typically ranging from $1,000 to $5,000. After receiving the deposit, the developer’s solicitor will prepare a purchase contract, which usually takes 7-10 business days. If you decide not to continue to purchase during this time, the deposit may not be refunded in full, as the seller’s solicitor may have already prepared the contract and the developer may require a small fee. If you decide to buy, it is time to find an experienced conveyancer/solicitor.
Midas Value Added Service: the Midas team will strike to negotiate the best deal for our clients. We can also refer a reliable third party solicitor and arrange a face-to-face consultation for you. If you decide not to continue the purchase after submitting the EOI, Midas will negotiate with the developer and try to get a full refund for you. Overseas buyers must apply for a purchase permit from the Foreign Investment Review Board (FIRB) to purchase a property in Australia. The current application fee for a property of less than $1 million is $5,600, and this fee is collected by the government. A solicitor generally requires a service fee of approx. $200 to apply for FIRB. Midas team will assist overseas clients to apply for FIRB without charging any service fee.
There are two contracts for a house & land package: land contract and build contract. After receiving the contract, your solicitor will review the contract and explain the obligations and rights to you. Providing you fully understand the details and have no further issues to bring up, you will then sign the contract. Your solicitor will send the signed contract to the developer’s solicitor. After the developer signs, the other party will send the signed contract to your solicitor. On the day that the contract is signed by both parties, the cooling-off period of 5 working days starts. During this period, if you decide not to continue to purchase, a penalty of 0.25% of the contract price is required by the developer according to the contract.
Midas Value Added Service: Midas advises clients to consider thoroughly and make up your mind before entering into a contract to avoid financial losses. If the client decides not to continue to purchase within the 5-day cooling-off period, Midas will assist to negotiate with the developer and ask for a penalty exemption. We will also add a ‘subject to finance’ clause in the contract to protect buyer’s best interest. If finance does not approved, we will assist clients to apply for a full refund of initial deposit.
3.Pay deposit and wait for land settlement
After the cooling-off period and loan approval (if client requires finance), you are required to pay 10% of the land price and 5% of the build price as deposit within the period specified by the developer, and then wait for the land settlement. The developer’s solicitor will notify your solicitor at least 14 days in advance to prepare for land settlement. After receiving the notice, your broker should contact the bank as soon as possible to arrange finance approval. The current approval timeframe is about 2-3 weeks. On the other hand, your solicitor will calculate the fund needed for settlement, which you can prepare in advance and transfer to your solicitor’s trust account upon settlement. E.g. stamp duty, transfer fees, legal fees, etc. It is worth mentioning that the stamp duty on house and land packages only applies to the land.
Midas Value Added Service: The waiting period for land settlement depends on the land division and registration time frame. The Midas team will keep in touch closely and inform you, your solicitor and broker a month in advance about settlement date. The team will also remind you to pay the relevant fee on time to avoid settlement delay and paying for extra legal fee and other expense because of that.
After land settled and receiving building permit, the builders can start construction. Construction period usually takes 6-7 months, most builders require progress payments, usually at five stages: base, frame, enclose, fixing and practical completion. Different builders may have different payment ratios, below is an example:
Midas Value Added Service: After each phase completion, Midas team will provide you a construction progress update report with photos attached, the builder will also provide a receipt and require the client to pay within 7-14 days. If you have a construction loan, the Midas team will work closely with your broker to ensure that the bank releases payment on time to avoid any late payment penalties. Please note, you only pay interest on the money you’re using at each stage until the house handover, you will then pay interest for the full loan amount.
Upon practical completion, the developer will invite you to inspect the property and prepare for the handover. It is recommended to hire an experienced third-party building inspector to inspect the property for you. If any defects are found during the inspection, the developer will arrange to repair the defects. Per the conditions in the contract, non-structural defects will have a 12-month warranty from the date of practical completion, and the structural defects will have a 6-year warranty. If you find any problems after move in, you can promptly report the issue to the developer.
Midas Value Added Service: Midas can recommend efficient and reliable third-party inspection companies who will send an inspection report to you and the developer within 24-48 hours. Midas team will also urge the developer to fix the defects as soon as possible before the handover. Within 12 months after the handover, if any problems are found, Midas will promptly assist you to communicate with the developer to arrange for repairs as soon as possible.
6.Handover and post-handover service
The solicitors of both parties will agree on a date and time to meet up and finish the handover procedures. After your solicitor provides fund required to the developer’s solicitor, the handover is completed. You can then pick up the keys and officially become a proud property owner.
Midas Value Added Service: Upon settlement, Midas will provide advice on purchasing relevant insurance and order insurance for clients, such as home and content insurance, building insurance and landlord insurance. After settlement completion, Midas Property Management team will arrange advertising and start the rental procedures, as well as order depreciation report for our investment clients.
To ensure a smooth settlement, the real estate agent, the broker and the solicitor should work closely throughout the process. The steps of the handover process are closely linked, a lack of communication at any point during the process may lead to a handover delay. As a result, the buyer may have to pay a penalty for delaying the settlement. Midas team will work closely with our clients, liaise with the broker, solicitor and developer in a timely manner, to ensure our clients have a smooth and stress-free purchase. This off the plan purchase process is for reference only. As all projects and clients are unique, and you are welcome to contact Midas for any enquires.
很多客户对买地建房的流程和注意事项不是很了解，就算曾经买过房的客户也有可能一知半解。为解答大家的疑惑，本文将会介绍土地别墅套餐 (house & land package)的购房流程和注意事项。清楚了解购房流程和注意事项，并预先准备好每个步骤需要的款项，是顺利交接的关键。很多时候因为不了解，错过了履行义务和维护自己权利的时间点，而导致经济上的损失。
选好合适的房源后，买家需要签购买意向书并交订金，从而中介可以向开发商申请保留该房源。每个开发商对订金的要求不一样，一般是$1,000 – $5,000不等。开发商收到订金后，他们的律师会准备购房合同，通常在3-7个工作日。大多数情况下订金可以全额退还，但如果卖家律师根据买家提供的讯息已准备好合同， 由于客户临时改变主意，有些开发商会收取小额度的手续费，所以提前问清楚很关键。如果决定购买，就需要先找一位有经验的房屋律师。
土地别墅套餐的合同通常有两份，一份是土地合同，一份是建房合同。昆士兰政府允许买家只承担土地价值的印花税，购地后再盖房就可节省建筑房屋部分的印花税。收到合同后，买家律师会审查合同，买家充分了解合同细节并确认没问题后签字。开发商签字后，卖家律师会把合同发给买家律师。双方签好合同当天开始，就进入了为期5个工作日的冷静期 (Cooling-off Period)。这个期间内如果买家决定不继续购买，根据合同规定，会产生合同价格0.25%的罚金。
Midas加值服务：温馨提示，Midas团队建议客户考虑清楚再签合同，以免造成经济损失。如果客户在5天冷静期内决定不继续购买，Midas会帮助客户与开发商协商，尽量争取免除罚金。如果超过5天冷静期，我们都会在合同里放上贷款审批通过条款 (subject to finance) 来保护客户最大化利益，如果贷款没有审批通过，我们会跟开发商申请订金全额退还给客户。
冷静期过后和贷款审批通过后（如果是需要贷款的客户），买家需要在开发商规定期间内支付土地价格的10%和建筑价格的5% 做为首付款，然后等待土地交接。开发商律师会提前至少14天通知买家律师准备土地交接。收到通知后，买家贷款师要尽快联系银行安排贷款交接，目前的审批速度大约是2 -3周。另外，买家代表律师会计算交接需要用到的费用，并让买家预先把这笔钱打到律师的信托账户，等待交接当天使用。例如，印花税，过户费，律师费等等。
土地交接后，建筑商收到政府的建筑许可(Building Permit)后开始动工建房。一般建筑周期为6-7个月，整个建筑过程分为五个阶段来完成：地基，框架，封顶，装修和完工阶段。具体付款方式如下 （不同建筑商会有不同的付款比例）：
以上就是土地别墅套餐 (house & land package)的购房流程。交接过程一环扣一环，负责靠谱的房产中介、贷款师和律师在整个过程中各司其职。如果在某个环节因为缺乏沟通而导致不能按时交接，买家可能要支付延迟交接的罚金等。因此，一个专业团队从选择项目到最后顺利交接甚至之后的出租管理都起着至关重要的作用。Midas团队会在整个购房流程中与客户紧密联系，及时帮助客户与贷款师、律师和开发商沟通，确保整个过程顺利完成，为客户免除一切后顾之忧。