When purchasing a property one of the most overlooked parts to the process is the title review. Purchasers often believe that when they have been provided with a title by the real estate agent as part of the marketing material to an open home, the title is sufficient and no further investigations need to be made. This can be a grave error to make. The title should be carefully checked for a number of things including the following:
Boundaries – Are the fenced or identifiable boundaries actually consistent with the title? Sometimes neighbours may be encroaching onto the property you are looking to buy, which can create issues into the future.
Interests on the Title – All the interests should be investigated concerning encumbrances, consent notices and easements. It is vital that you know what interest may impact bank lending, future development, or proper access to the property. You also need to know what obligations you may have to Council or neighbouring properties in respect of the title that you are looking to purchase.
Utilities and Services – You should clearly identify where the services for your property are when doing your initial investigations. This is important because if you are relying on access to utilities such as electricity, storm-water or telephone through someone else’s property, then your rights to such access need to be noted as an interest on your title and on the affected neighbours title.
Let Prudentia Law take the hassle out of reviewing what is on the title. Contact us if you would like us to carry out a thorough investigation of what the title means to you as a purchaser.