First home buyers urged to avoid buying unregistered land

First home buyers urged to avoid buying unregistered land
First home buyers urged to avoid buying unregistered land

A growing number of land developers are conspiring to advertise high-risk house and unregistered land packages that hasn’t been titled by local councils.

Inexperienced first-time buyers need to beware before purchasing these properties.

Buyer’s agency DPP Property founder Zaki Ameer warns that when developers promote unregistered land, there’s usually a hidden risk attached.

First-time buyers may be conned into paying deposits for the packages with the aim of utilising the $25,000 HomeBuilder grant, which will finish at the end of this year.

However, in most cases, councils delay title processing on unregistered land, often up to 12 to 18 months.

“So, immediately, [first-time homebuyers] are giving back $25,000 on any savings they might have made on the package”, Ameer said.

Buyers are also locked into the contract until the full payment due date, which could be up to 48 months away, leaving them at risk of being sued by developers and builders if they have to forfeit the land purchase.

Ameer is calling for state governments to tighten land sale regulations, especially to first time home buyers who can easily fall prey to colourful marketing tactics.

The DPP Property founder also hopes governments put an end to delayed settlements.

Tags: 
First Home Buyers House And Land

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