Getting ready for settlement

Building a new home is such an exciting journey, filled with milestones you'll cherish. One of the biggest is the settlement of your new homesite, which is a crucial step before starting the building of your dream home!

Understanding the settlement process and being prepared is essential. We've put together some key questions, tips, and things to consider ensuring your settlement day goes off without a hitch. 

What is Settlement? 

Simply put, settlement is when ownership of a property moves from the seller to the buyer. Settlement can occur any time from 4 weeks up to 18 months from when you sign a contract, the length of time depends on if (or how soon) the land you purchased will be registered with Titles Queensland. 

 In a new land community like Flourish, this happens once Cedar Woods completes the construction of your homesite and registers the lot with Titles Queensland. This is when you officially become the owner and can start building your new home. If you're buying a completed and titled lot, settlement usually happens within four weeks of contract signing. 

It's worth noting, when you're building new, you typically have two contracts—one for the land with the developer and another for your home with your chosen builder. For more details, download our House & Land guide.

What do I need to do before land settlement? 

Before settlement day, there are a few important tasks to tackle. If your land is still under construction, Cedar Woods will let you know as the settlement date nears so you can organise: 

Conveyancing: You will need to appoint a conveyancer to assist you through settlement. A conveyancer is a licensed professional who specialises in acting on your behalf including handling the paperwork and liaising with the developer, along with your bank or broker. Ensure you choose a skilled professional and understand what is and is not included under their fees. 

Valuations: the developer will let you know when site access is available for a valuation inspection. At this time your bank or mortgage broker will organise a valuer to inspect your lot to ensure the value of your property aligns with your lending agreement. 

Finance: you will work with your bank or broker to ensure you are on track to meet your financial requirements and are ready to purchase your homesite on settlement. 

How do I start preparing to build my home before settlement? 

While it's not mandatory for settlement, there are steps you can take to get ready for construction: 

Builder: Once you have selected and secured your homesite, you can start working with your builder to choose a home design that fits your lifestyle. Lock in your build contract so you can kick off construction swiftly after settlement. 

Design Standards Approval: Many communities, like Flourish, have design standards for new builds, these guidelines exist to ensure a high standard of home design is maintained throughout the community and help protect your investment long term. If you purchased in a Cedar Woods community, you must have your home design approved by our design team before settlement so that there are no delays in submitting your plans for building approval with Council or a private building certifier. 

What happens on settlement day? 

Settlement day is exciting, and with your conveyancer and bank or broker by your side, the process should be smooth. They'll ensure all finances and paperwork are sorted, and key documents are exchanged.  

Here’s what to expect: 

• If you are taking a loan to finance your land purchase, your lender will put this into effect from this day. 

• Payment will be made for stamp duty and any other necessary fees. 

Once everything's confirmed, you'll receive the Certificate of Title, officially making the land yours! 

What do I do after settlement of my land? 

Now that your land is settled, it's time to start building. Your main point of contact will shift to your builder. It's crucial to maintain the construction site properly to avoid issues like erosion or improper waste disposal. If you’re not intending to build as soon as your land is settled, we recommend fencing your property to avoid rubbish and building waste from other homesites are not illegally left on your property. 

You'll experience plenty of exciting milestones ahead - watching your slab being poured, seeing your house frame rise, to the roof going on... and eventually getting the keys to your new home. We will also introduce you to your new neighbours, so you can communicate with them directly on shared interests, such as common fencing and construction access. 

We're here to guide you through every step of your new home journey. If you have any questions, feel free to reach out to the friendly Flourish team at flourish@cedarwoods.com.au. 

Interested in growing your way at Flourish? Contact the Flourish team to find your dream homesites and lay your roots in our growing community in South Maclean.