How do I prepare for settlement of my land?

Building a new home is an exciting experience, with many milestones to enjoy along the way. One of the most important is the settlement of your new lot, which paves the way for building to start on your dream home.

It is important to understand the settlement process and the steps you need to take to prepare in the lead up. We have compiled a list of the top questions, activities, and considerations to ensure settlement day runs smoothly.

What is Settlement? 

Put simply, settlement is when the ownership of a property transfers from the seller to the buyer.

In a new land community like Sage, this may occur when the developer, in this case Cedar Woods Properties, completes the construction of the homesite and registers the lot with Titles Queensland.

At settlement, you will pay the balance of the contract price for your lot and officially become the owner, meaning you can then start building your new home.

If you are buying a lot that is already complete and titled, settlement will generally occur within four weeks of purchase.

It is important to note, when building new you will generally have two contracts – one for the land with the developer and another for your home, with your builder.

For more information, download our House & Land guide.

What do I need to do before land settlement?

There are a few important activities you will need to complete before settlement. If your land is still under construction, you will receive notification from Cedar Woods Properties when the estimated settlement date is approaching so you can get organised with:

• 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 after settlement?

While not a requirement of settlement, there are a few activities you can progress to ensure you can start building as soon as you are able. These include:

• Builder: once you have selected your homesite, you can work with your builder on choosing a home that suits your needs and lifestyle and lock in your build contract, so you’re ready to start construction quickly following land settlement.
  
  
• Covenant approval: many masterplanned communities, like Sage, have covenants in place to ensure a high standard of home design is maintained, protecting your investment over the long term. All home designs must be assessed and approved by the Cedar Woods team, prior to you submitting for building approval with Council. To start your build as soon as possible, make sure your design has been approved prior to settlement
  
  
• Soil testing and site or contour surveys: your builder will be granted early site access in the weeks leading up to settlement to complete soil testing, which are important in determining the right slab and footings for your new home, as these will influence the final cost of your build.
  
  

What happens on settlement day?

Settlement day is exciting, and if you are well prepared and have professional support in place through your conveyancer and bank or broker it should be effortless.

Your conveyancer will work with you, the bank or broker and the developer’s legal representative to ensure your finance and paperwork is in place, and key documents are exchanged.

You will also notice:

• 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 is confirmed, you will receive a Certificate of Title for your land, meaning it is officially yours and the celebrations can begin!

What do I do after settlement of my land?

Once you have settled your land, you can commence building. This means from this point forward communication will largely be with your new home builder.

As you will assume ownership of the land after settlement, it's important for you to collaborate closely with the builder to ensure proper maintenance of the construction site. Neglecting site upkeep can result in issues such as sediment runoff, erosion control problems, improper waste disposal, or even dumping and theft if site security measures are inadequate.

You will enjoy a suite of exciting milestones in the lead up to move in day – from seeing your slab go down, to your house frame go up, as you get ready to receive 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, like your fencing!

We are here to help you on your new home journey, if you have any questions you can speak to the friendly Sage team via sage@cedarwoods.com.au

Would you like to live every moment – and every exciting milestone – at Sage in Burpengary? Limited homesites remain in stage one, which will be ready to build-on soon. Find out more about our community, with land and house and land now selling