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Signing on the dotted line – Conditional or unconditional contract?

conditional or unconditional contract build in oz

When you find a block that is perfect for you, you can purchase it using an conditional or unconditional contract.  For example, a condition could be subject to your finance being approved.  When you buy something ‘subject to finance’ you are not penalised in the event that you are unable to secure your finance within the specified timeframe—usually fourteen days. However, one of the aims of this system is to avoid such heartache. So, if you are in any way unsure about any changes that might occur in your financial position, include the condition ‘subject to finance’ in the contract. Then take the contract of sale to your chosen home lender and make an application for finance.

Your conveyancer is the best person to discuss whether you should use a conditional or unconditional contract with.

When you’re ready to start building you’ll need to apply for your construction loan. However, you can only apply for a construction loan if you have an active contract including a payment schedule with your builder. You must also already have a building permit. In other words, you need to be ready to go. If your circumstances haven’t changed and little time has passed since you got pre-approval, you should be able to rely on the information already submitted to your lender when you were establishing your budget. If more than three months have passed, you lender will probably need updated information.


Conveyancing is the process of transferring ownership of a parcel of land from one person to another. It is a legal process that is performed by a legal conveyancer. In a property transaction there is a buyer and a seller and each party should have their own conveyancer.  Because we are talking here about transferring land, I’ll use the term  land conveyancer here.

It’s never too soon to find your personal property conveyancer

You will need to choose your legal conveyancer before choosing your block. You won’t pay for any services until your land has been settled, so there’s no reason not to get in early. Once chosen, they will be the ones who take care of your needs, making sure that all is as it should be with the contract. They are kind of like your guardian angel, protecting you during the land purchase process. They’ll let you know if there is something in the contract that you might need to give extra consideration to and they’ll always be on to anything that doesn’t seem quite right. A conveyancer takes the worry from you, leaving you to focus on the fun part.

It costs nothing to get started with your conveyancer.  You only pay a fee upon settlement.  If you wait, you could find yourself under stress if you have to secure your favourite property in a hurry!

Build In Oz partners with specialists who share our vision “That every Australian family who chooses to build a new home has a safe, happy and successful experience”? Click here to learn more or to Connect to our recommended conveyancer.

Avoid The Building Industry Rip Offs And Plan Your Dream Family Home Right The First Time

Thinking about building a home? Then this could be the most important thing you ever read. My name is Natalie Stevens.  I’m the founder of Build In Oz and I help Australian families avoid expensive mistakes and pitfalls of the building industry. Without the right plan, you could end up over-paying TENS of thousands of dollars for an inferior home.

I can show you exactly what you need to look out for. What things you should consider NOW. And what questions to ask builders, banks and real estate agents. This way you avoid all the costly and time-consuming errors made by first home and even second home builders.


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