| The Facts - Unregistered Land |
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| Written by Paul Amos |
| Tuesday, 02 November 2010 16:27 |
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Two initial questions that arise when considering purchasing land are 'What Type of Land?' and 'Where to Buy'. There are many different parcels of land that have differing potential uses which will affect what you can do with that land or what type of future buyer will be interested in it.
Two initial questions that arise when considering purchasing land are 'What Type of Land?' and 'Where to Buy'. There are many different parcels of land that have differing potential uses which will affect what you can do with that land or what type of future buyer will be interested in it. Review the current and planned zoning. Each council has a town plan and land zoning. From the council's town plan you can see what is acceptable development for each of the different zones. Land that is currently zoned as Residential would not be suitable for an Industrial development. If first registration has not occurred the Title Deeds to the land will be held in paper format by the owner themselves or their solicitors. These Title Deeds will be the only legal documentation that proves ownership. Where can you find the land zoning information? The government provides zoning maps, allowing you to select a street or suburb to see what zoning is in place. Councils provide very valuable information regarding the land and development opportunities. So when reviewing land, you will need to find out what the Planning and Development regulations are within the council area. You can find the council Planning Scheme, Neighborhood Character studies, permits and fee details, planning register - so you can see what other people have been doing in the area, subdivision and environmental regulations. Without adhering to all these rules and regulations you will not get approval to develop the land. Even if you are only considering purchasing the land as a buy and hold strategy keep in mind that the person or company that you pass this land over to will need to comply with council regulations. The key is to gather as much information as possible and you will soon start getting leads as to who the owner might be. You will often find that you can find the ownership details upto a point in the past but then the trail goes cold and you are unable to find the current owner. When you get to this point you only really have two options. Your first option is to try and claim the land via adverse possession, this takes 12 years of continuous use before you can apply to the Land Registry to register the land as your own. Obviously, this is a very long term option but be going down this route the owner may make themselves know as they do not wish to give up the land. This will give you the opportunity to speak to owner and purchase the land if that is your aim. |