Purchase readiness
Development purchase checklist: contract, purchaser and settlement
A development purchase checklist should join the investment decision to the contract that will actually be signed. Confirm the purchasing party, the land, negotiated conditions and possession arrangements before committing. A workable feasibility does not settle a contract question, and changing the purchaser later can have tax consequences that deserve advice before action.
Sources for this overview: [1][2]
Prepared by Joey Don · Co-Founder & CEO, PremiumReaContent updated
Questions to resolve before committing
Read the answer with its assumptions and source notes. A planning rule can establish an assessment pathway; it cannot establish the price, funding or outcome for your property.
Why confirm the purchasing entity before signing a development contract?
The named purchaser needs to align with the intended ownership, signing authority, finance and tax advice. Do not use a trading name as a substitute for identifying the legal party. Resolve the structure with the appropriate advisers before signing, and have them check the contract execution details. A later nomination is a transaction to review, not a clerical step that can be assumed neutral.
Source: [2] SRO Victoria: sub-sales and purchaser nominations
Can pre-settlement design or permit activity affect a later purchaser nomination?
It can. SRO’s sub-sale guidance makes the timing of land development and nomination relevant to duty, and its definition of development goes beyond physical building work. Before applying for a permit or changing the purchaser, give your tax and legal advisers the full activity timeline. Ask for transaction-specific advice; do not assume that no construction means no land-development issue.
Source: [2] SRO Victoria: sub-sales and purchaser nominations[3] SRO Victoria: meaning of land development
How do I ensure the contract reviewed is the contract being signed?
Compare the final version, special conditions, schedules, plans and disclosure attachments with the package your adviser reviewed. Record agreed changes in the final documents and check that no page or attachment is missing. If an updated contract arrives shortly before signing, send the changed material back for review. An earlier approval of a different draft does not resolve new wording.
What should a due diligence or finance condition actually resolve?
Have the lawyer or conveyancer explain the exact test, deadline, evidence and steps required to rely on the condition. A heading such as subject to finance is not enough to understand its operation. Align the required work with your adviser’s availability and the information needed. Do not assume a standard building-inspection condition also answers planning feasibility, title restrictions or a redevelopment budget.
What must be resolved before bidding at auction on a development site?
Complete the enquiries that are essential to your decision and have the actual contract reviewed before bidding. CAV explains that auction finance or inspection conditions cannot be added without the vendor’s agreement. Establish the approved bidding authority, deposit arrangements and maximum decision price from your own evidence. If a critical title, occupancy or funding question remains open, recognise it as a decision gap before the auction.
Does checking a business name prove the adviser holds the right professional authority?
No. Identify the legal contracting party, the individual doing the work and the professional authority relevant to that task. Ask how you can verify any claimed licence or registration with the issuing regulator. Also confirm the scope in the engagement: acquisition support, legal interpretation, surveying and building certification are different services. A familiar brand name does not explain who is accountable for each conclusion.
Why record included fixtures and equipment before the final inspection?
The final inspection needs a clear comparison with what the contract includes and the condition at sale. Identify any disputed appliance, removable structure, keys or other item before signing rather than relying on the marketing photos alone. Ask the conveyancer how an agreed inclusion should appear in the contract. Record any later change or discrepancy promptly for advice before completion.
Source: [1] CAV: buying property checklist[4] CAV: before property settlement
What should a settlement cash check include beyond the purchase balance?
Ask the conveyancer and finance adviser for the completion figures, adjustments, applicable duties and fees, confirmed loan contribution and the date cleared funds are needed. Reconcile those against funds actually available from the correct party. Keep the separate development reserve visible after settlement. A spreadsheet showing enough total wealth does not establish that the right cash will be accessible on the completion date.
Does a signed sale contract let me start site works before settlement?
Do not assume that it does. Ask the conveyancer to establish the contractual access or early-possession arrangement, the seller’s consent and the related responsibilities. Separately confirm approvals, insurance, safety and any existing renter’s rights for the proposed activity. A survey visit, storing materials and carrying out construction are different requests and should not be treated as one general permission.
Source: [5] CAV: rental provider entry rights[4] CAV: before property settlement
Which documents should move from the acquisition team to the development team?
Pass on the final contract and relevant title material, the evidence register, professional advice, approved plans if any, finance constraints, occupancy arrangements and the unresolved-action list. State which assumptions supported the purchase and which still need confirmation. The development team should know why the property was selected without inheriting an unsupported promise that every planning, title or cost question has already been settled.
Turn the answer into a buying decision
- 1
Set the purchaser
Agree the intended legal purchasing party with your legal, tax and finance advisers.
- 2
Review the signed package
Check the final contract, disclosures, attachments and negotiated changes together.
- 3
Track conditions
Record the responsible adviser, deadline and evidence required for each condition.
- 4
Prepare to settle
Reconcile funds, inspection findings, possession and the handover before completion.
Evidence to request
- Exact purchaser and signing authority
- Final contract and complete attachments
- Condition deadlines and required evidence
- Nomination and pre-settlement activity advice
- Settlement and possession plan
Bring the address and the assumptions
A clear brief includes the title, a preliminary concept, the intended exit and the available cash. PremiumRea can help organise the acquisition checks and questions for the planner, surveyor, builder, accountant and licensed credit professional.
Sources and scope
Government references support the specific rules attached to each answer. Feasibility methods explain how to organise a calculation; they are not prescribed tax treatment or a prediction of a project result.
- [1] CAV: buying property checklist
Consumer Affairs Victoria · Source checked
Contract review, auction conditions, fixtures, deposit and final inspection.
- [2] SRO Victoria: sub-sales and purchaser nominations
State Revenue Office Victoria · Source checked
Additional consideration or land development can affect duty when the purchaser changes.
- [3] SRO Victoria: meaning of land development
State Revenue Office Victoria · Source checked
The duty meaning extends beyond physical construction and must be checked before nomination.
- [4] CAV: before property settlement
Consumer Affairs Victoria · Source checked
Final inspection and preparation for completing a purchase.
- [5] CAV: rental provider entry rights
Consumer Affairs Victoria · Source checked
Entry rules cover the outside of the property as well as its interior.
Connect the next decision
Keep the questions with your feasibility file
Download the same questions, answers, stable page links and source notes for reference. The source date records when a reference was checked, not an approval or review of your property.
Original explanations are available under CC BY 4.0 with attribution to PremiumRea and a link to the relevant page. Third-party government material retains its own terms; this permission does not relicense it. CC BY 4.0
General information for property acquisition and feasibility. Confirm property-specific planning, title, legal, tax and lending matters with the relevant qualified professional. A scenario result is not an achieved return.