During the conveyancing process, the lawyers here at ClickLaw are often asked “so what exactly am I buying”? Most contracts for the sale of land in NSW are at least 50 or more pages long and it is prudent to read the contract prior to spending what will be a substantial sum of money. But even after reading a contract it can be confusing for a purchaser to determine exactly what they are purchasing. It is at this stage that we delve into the contract to find what is known as the Deposited Plan or the Strata Plan. For the purpose of this blog we will only refer to the Deposited Plan – the Strata Plan will be addressed in a later blog.
The Deposited Plan is a plan which outlines the subdivision of a parcel of land. The contract for sale will indicate which lot in the Deposited Plan is being purchased. There may be just two lots on a Deposited Plan or hundreds of lots. It is imperative that the lot being purchased is identified – there have been instances where a purchaser has purchased a property only to find out that what they have actually purchased is not what they thought they were purchasing.
Once upon a time when a purchaser bought the land, they were said to have purchased the land from the centre of the earth to the heavens above – a kind of wedge or cone in my minds eye. This no longer necessarily holds as the terms of original Crown Grants may have retained such things as minerals and other reservations like limiting the grant in depth to 50 feet. Probably not worth taking action as a result of that satellite that passes overhead either.
It is imperative that you know and have identified the boundaries of the property you are buying. Your property lawyer will be able to explain these boundaries to you (as they are often quite difficult to interpret without experience). It may also be prudent to have a survey prepared by a registered surveyor to make certain of the identity of the property. Also on the Deposited Plan will be shown the potential easements and covenants that may affect the property that you are purchasing which you will want to be across prior to purchasing the property.
If you have any queries please do not hesitate to call one of the property and conveyancing law experts here at ClickLaw.
John Kettle – Solicitor Director