With Shepparton lawyer,
Michael McIlroy.
Purchasing a new block for your dream home is a joyous occasion, however it may come with some legal technicalities, and to make the process stress-free, it may be worth consulting a trusted legal team.
The Great Estates Magazine discussed the topic with Michael McIlroy, a director at Camerons Lawyers, a team of legal experts who can help with advice on property and conveyancing transactions.
We asked him what were some of the most common questions asked when purchasing property…
1. Is the land on a separate Title?
If the Plan of Subdivision that your future parcel of land is within is not yet registered, it may take some time before you are able to settle and become the registered owner of the land. You should enquire with the developer how long they anticipate it will take for the Plan of Subdivision to register (so the land you are purchasing becomes a separate title of land, so settlement of your purchase can occur).
2. Have you measured the block?
You should compare the measurements shown on the Plan of Subdivision with the land you are purchasing. If the land is already fenced, you need to ensure that the fences are on the Title boundaries in the plan. If the land is not yet fenced, ensure that survey pegs are in the ground, so that you are able to confirm the measurements.
3. Do you have your finance in place?
Speak to a broker or banker regarding funds to be borrowed for both land and building and seek pre-approval for your land purchase. Advise your lender if the Plan of Subdivision has not registered. Also, ensure that your purchase contract is subject to your finance being approved.
4. Have you checked the local planning provisions?
All land is subject to a Planning Scheme, which is governed by the local council. Zoning and any applicable overlays will determine how the land can be used, for example:
Are there any Overlays? Areas of the Goulburn Valley are affected by inundation or flood overlays, and these overlays could affect your use of the land and your ability to build.
Is the property in a designated Bushfire Prone Area? This can affect your building costs as you will need to comply with certain construction requirements, such as using fire-retardant materials.
5. Are there any easements on the lot?
An easement provides access and/or use rights to another party over land, such as the water authority, council, telephone, power or gas company. You should not construct buildings over an easement.
6. Is there a restrictive covenant?
Covenants are imposed by the developer and registered on all lots in an estate to create a level of amenity within the subdivision, such as minimum or maximum house and shed size, fencing and roofing or construction materials.
7. Is there a section 173 agreement?
These agreements are usually registered on behalf of the council and will contain further restrictions on the entire development and/or your particular lot. Your solicitor or conveyancer will advise if your lot is subject to a section 173 agreement.
Of course, the information above is of a general nature only, and should not be considered specific legal advice.
For specific advice regarding purchasing your block and building your new home, contact the Camerons Lawyers team on (03) 5832 1000, located at 128 Maude Street, Shepparton.
