Came across this, on a property and referenced to RMA. And if I do buy, what are the pitfalls?

aklreels - 2020-12-17 05:38:00

If I recall thats where subdivision consent was granted subject to some restrictions or ongoing covenants, I think you need to get the full title (or ask the agent to provide one(they have to get one and be familiar with it)) to confirm what covenants / restrictions might be present.

sparkychap - 2020-12-17 07:36:00

sparkychap wrote:

If I recall thats where subdivision consent was granted subject to some restrictions or ongoing covenants, I think you need to get the full title (or ask the agent to provide one(they have to get one and be familiar with it)) to confirm what covenants / restrictions might be present.

lol the bit about agents being familiar

gabbysnana - 2020-12-17 08:27:00

aklreels wrote:

Came across this, on a property and referenced to RMA. And if I do buy, what are the pitfalls?

before you buy you will do due diligence and familiarize yourself with the title, its covenants and encumbrances, maybe an engineer and def a visit to the planning office at your local council and can I get the net from this location.

gabbysnana - 2020-12-17 08:29:00

sparkychap wrote:

If I recall thats where subdivision consent was granted subject to some restrictions or ongoing covenants, I think you need to get the full title (or ask the agent to provide one(they have to get one and be familiar with it)) to confirm what covenants / restrictions might be present.

Correct. It is a council imposed condition of consent. It can cover many different things, so reading the actual notice to know what it requires is essential.

Edited by pico42 at 9:05 am, Thu 17 Dec

pico42 - 2020-12-17 09:05:00

gabbysnana wrote:

lol the bit about agents being familiar

Yeah I know. But they do risk professional misconduct if they aren't....

sparkychap - 2020-12-17 10:00:00

sparkychap wrote:

Yeah I know. But they do risk professional misconduct if they aren't....

professional misconduct? Agents cant even write up an auction document without the vendors legal advice, yet to meet any agent that actually knows what they are doing, lol.

gabbysnana - 2020-12-17 11:40:00

Is it not something you have your lawyer do when you are about to sign up as a buyer on a S & P agreement... search the title and advise as to the "fine print"
I would not trust the seller or their agent to give "informed" advise on the title.
Many years ago I was going to purchase a piece of bare land that was being sold as "services available at the boundary" .. it was my lawyer who asked the right questions and examined the title / covenant's etc who discovered yes the council water main was at the boundary, BUT because of a lack of water pressure they would not let you connect to it now or in the foreseeable future !!!

onl_148 - 2020-12-18 12:00:00