There is nothing more exciting than the process of planning, building and eventually living in your own dream home. The search for the ideal land to build on is an invigorating journey and at Exford Waters it is our job to step you through entering the property market.
With the exciting news about the $25,000 HomeBuilder stimulus being offered to Australians, there has never been a better time to consider building your new home. While some might perceive the turnaround build time as a catch, it actually presents a fantastic opportunity to purchase titled land. But what is titled land? Below is a basic guide we have put together to step out some of the key information surrounding land titling and how this affects the purchaser.
‘Titled’ vs. ‘Untitled’ land: What is the difference?
The terms ‘titled’ and ‘untitled’ land simply refer to whether the land has a registered title or not. If the land does not have a registered title, it is classified as untitled land, and if the land has a registered title, it is classified as titled land. Sounds simple right? But if you are looking to start building sooner, titled land is what you are searching for.
Purchasing untitled land is common within new communities and new land releases. When purchasing untitled land, you are required to sign a ‘Contract of Sale’ document with the developer who will develop and register the land on your behalf.
Purchasing titled land means that the land has been developed, registered, and is build-ready! Titled land that is available is a great opportunity for all homebuyers looking to move in sooner. This also means purchasers can get started on building their new home within a month of finalising their contracts without the hassle of title delays and any red-tape. When you purchase titled land at Exford Waters, you could be eligible for the new HomeBuilder grant of $25,000*.
When does land become ‘titled’?
For land to become titled, in particular residential land, it undergoes a civil construction process so the land can become ‘home-construction’ ready (a.k.a build-ready). The civil construction process generally takes up to 12 months from the start, to issuing titles and settlements. The timeframe and expected title date must be communicated to all prospective purchasers and purchasers of untitled land, as well as any delays that prolong the titlement and settlement of the land. You can view the construction process at Exford Waters on our live construction portal.
Exford Waters has a variety of titled land as well as house and land packages available, ready for you to own your new home. Along with the HomeBuilder Grant, all eligible First Home Buyers have access to further government incentives – there is no better time to start building your new home!