Stage 36

In preparation for settlement, it’s important that you consult with your bank or financial lender to obtain formal approval, and legal representation to confirm that all your documentation is in order.

Note: Timing is critical. Formal finance approvals are valid for 3 months before settlement. Due to COVID-19 the banks are experiencing delays of 2-4 weeks in processing finance, so it’s important to talk to your lender about timings.

We encourage you to remind your bank that valuation access is available, if you have not already done so. Please ask your lender to contact Tina Wu on (03) 9258 1325 to schedule an onsite valuation (if required). A booking must be made for valuation access.

Note: Due to current COVID-19 situation your appointed lender may value the property remotely and/or as per API Valuation protocols.

Local Council including relevant authorities provide their consent in the form of a Statement of Compliance certifying that your lot was completed to highest standards of construction and meets the approved plan. It also confirms service authorities will take control of assets such as water and gas mains.

Once completed and signed off, the Plan of Subdivision will be lodged with the Land Titles Office for registration. Usually titles are issued within 5 – 10 business days, but it can take up to 4 weeks in some cases depending on the size and complexity of the plan. Once titles are received, a formal notice is issued to your legal representative and the settlement due date is set.

As soon as the Statement of Compliance is received and the land is registered, we will issue the required documents for settlement. Our solicitor will advise your legal representative that settlement is triggered, providing the required notice period noted in the Contract of Sale.

At an agreed upon date and time, you will pay the balance of the purchase price and receive the title for your property. If you are settling via a loan you will need to have unconditional approval from your lender and have signed a final loan contract with enough time for the bank to be ready for settlement on the due date.

Congratulations! The land is now yours. All plans and design guidelines will be available digitally from the myProsperity portal, in My Property > Documents.

Settlement Forecasted Time Frame: August to September 2020

This is the exciting time where you finally get to meet your new neighbours!

Note: We’ll usually organise an event to celebrate this milestone and connect you with your future neighbours. As this is currently not possible, we’re working on an option that will connect you with your future neighbours virtually.

It’s time to start building your dream home. Make sure you’re familiar with the project Design Guidelines as they form part of your contract. You must obtain approval of your home design from our Planning Committee and relevant Building Permits from local council prior to starting construction.