It's exciting when you find the perfect place to build your dream home! But remember that when a bank grants a purchaser a building loan to build on vacant property, many compliance issues arise, making the registration of the transaction somewhat more lengthy.
Banks require long lists of documentation to ensure that there is adequate value in the home to be constructed to cover the loan, and also that all legalities are complied with so that the bank can sell the property in execution without unnecessary complication, should the purchaser default.
This could cause delays in registration if not complied with BEFORE registration and even lodgement. Here are some examples of the documentation that may be required.
It is best to get professional advice when applying for a building loan to make all the additional paperwork as painless as possible.
Contact the property professionals for more info: allison@rivigangroup.com
<original article from stbb>
<original article from stbb>
