Buying a new block of land can come with many hidden and unaccounted costs, two of the most common examples being soil tests and contour surveys.

Agreement This is the written contract for the sale and purchase of the property between the vendor (seller) and the purchaser (buyer). Deposit Part of the price (usually 10%) paid by the buyer when the agreement is signed or on confirmation. Equity This is the amount of the property that the purchaser actually owns – rather than owes. Freehold This form of title means that you own the land and the buildings on the property, with few restrictions. Mortgage A mortgage is a type of loan. Mortgages are used to make large real estate purchases without paying the entire value of the home and land up front. Over a period of many years you repay the loan, plus interest, until you eventually own […]