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BUYING PROPERTY WITH LAND : PROPERTY VALUATION

Property valuation At the end of October this year, amendments to the law came into force, according to which, when buying real estate (a residential building or other structures), the land plot under this real estate simultaneously passes into ownership. 

Key points to pay attention to :

  1. When buying a property, the buyer automatically transfers the right to use or own the land.
  2. This right extends to lands that are in permanent use, as well as leased lands.
  3. The law does not apply to apartment buildings. In the case of buying an apartment, you buy only an apartment, without land.

If the new owner of real estate does not have the right to receive land for permanent use, then he must submit an application to the local authorities to receive the land for ownership or use. 

It should be borne in mind that when buying a piece of real estate, the new owner has the right to use part of the land for their own purposes. The size of the plot must be proportional to the area of ​​the piece of real estate that is being purchased. Part of the land must be allocated to a separate plot and assigned a new cadastral number.

PROPERTY VALUATION

There is no need to conclude a separate contract for the land. The contract for the purchase of real estate also includes a land description, including the cadastral number of the plot. Documents confirming the ownership of a real estate object are the basis for registering the right of ownership or use of land. 

Also, when a house or other structure is inherited, the right of ownership of the land passes to the heir simultaneously with the Property valuation. 

See More : /property-valuers-sydney-process-is-beneficial-for-knowing-properties-value/

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