Land Settlement at Last – 25 September 2008

We bought our block of land in November 2007. The original schedule for settlement was 31 May 2008 which was delayed to June, July and August.

September 11, I was informed by my Conveyancer that settlement is due on 25 September 2008.

We all felt a sense of excitement as the moment of truth nears. I had to coordinate with the bank and did not immediately get a response. On 23rd September, the bank informed that they are ready to settle. I immediately informed my conveyancer who had to book a schedule for settlement to occur on 25th September. I was informed of the amount that I was supposed to raise in order to cover the shortfall, or the amount needed to effect settlement (Contract Price plus costs such as rates, conveyancing fees less the amount loaned by the bank). Once I've known the exact figure, I had to get a bank cheque and give it to my conveyancer.

Thankfully, settlement took effect on 25th September 2008. We're officially members of the Home Mortgage Repayment group, lol. Within a month and 30 years onwards, our repayments will begin.

One phase over, another one is about to begin - and that's the construction stage.

More on that on my next blog. For the meantime, I'll be posting recent pictures of the land and the subdivision as soon as I can.