When you find that perfect block of land that ticks all the boxes, the next step is to secure it with a contract. At this point, you have the option to choose between a conditional or unconditional contract. It's a decision that should be carefully considered, taking into account your specific circumstances and preferences.

Let's break it down.

Conditional Contract:

With a conditional contract, you have the flexibility to include certain conditions that need to be met before the purchase is finalized. One common condition is "subject to finance." This means that the purchase is dependent on your ability to secure financing within a specified timeframe, typically fourteen days.

Opting for a conditional contract with a finance condition provides you with an added layer of protection. If, for any reason, you are unable to obtain the necessary financing within the specified timeframe, you will not be penalized or held liable. This can save you from potential heartache and financial strain.

If you find yourself uncertain about potential changes in your financial position or are dependent on securing a loan, including the "subject to finance" condition in your contract is a wise choice. It provides you with the time and opportunity to assess your financial situation and make a well-informed decision.

To proceed with a conditional contract, you will need to provide the contract of sale to your chosen home lender. They will evaluate your financial eligibility and guide you through the application process to secure the necessary financing.

Unconditional Contract:

On the other hand, an unconditional contract does not include any specific conditions to be met. Once you sign an unconditional contract, you are legally bound to complete the purchase, regardless of any changes or unforeseen circumstances that may arise.

Choosing an unconditional contract indicates a high level of certainty and confidence in your ability to fulfill the financial obligations of the purchase. It may be the preferred option if you have already secured financing or have the necessary funds readily available.

Consulting Your Conveyancer:

When making a decision between conditional and unconditional contracts, it is advisable to seek guidance from your conveyancer. They are legal professionals who specialize in property transactions and can provide valuable insights and advice tailored to your specific situation. They will assess your circumstances and help you determine the most suitable contract type for your needs.

In conclusion, whether you choose a conditional or unconditional contract when purchasing land, it's essential to carefully evaluate your financial position and consult with a conveyancer. By doing so, you can ensure a smooth and secure process that aligns with your specific requirements and minimizes any potential risks.

At Land In Warrnambool, we understand the importance of making informed decisions when purchasing land. Our team of experts is here to assist you throughout the process, offering guidance and support to help you make the right choice. Contact us today to explore available land options and embark on your journey to land ownership.