This article is written with regards to the real estate market of Australia, but the rules are likely to be the same overseas. As we are dealing with an Australian brand new sub-division, New Register, I can therefore shed some light on the legal aspects that buyers should be aware of. Indeed, there are far more US-styled blocks of new houses on the market throughout the states in our Southern States, including Arizona, California, Idaho, and Nevada, and who knows what the future holds.
Money, Water, and Electricity
Remember as a new home builder, you will always want to know how much it will cost. The difference between building a house and a sub-division building with a block of new homes is that in a sub-division you are building outbuildings in the outer suburbs, beyond the corporate bay. Whereas if you are building a new home from scratch, and buying an existing home, you are probably building a second story, or extensions, or lots that are apartment sized. In addition, you will also need to know what the costs of utilities such as water and electricity will be but rarely do they come in one lump sum.
Once again it is important for a new home builder to make sure they are dealing with a reputable company and that suitably qualified solicitors are involved and that the transaction adheres to both the state laws and the local finances of the zone of the new home builder. Additionally, it is important to have a lawyer that is able to convey your feelings about purchasing the new home, and also, the building, up to and including, the title of the property. A conveyancing solicitor is someone who will also perform some searches that you may not be comfortable with, and who will also carry through with the conveyancing. All you can be sure of is that your house is registered for your name and that you own the land, and it is not encumbered by a mortgage.
Just a Call Away
There is no reason why you should not remember to obtain the title of the land as well. Sometimes it’s the office where you are paid, and it may also be the company that the land is registered with, which in this case the conveyancing, and also that the company is keeping up the title, in the absence of Australian Land Code compliance. In some states, this does not have to be done separately from the conveyancing, so that only the title of the land is kept to verify it is the seller who is the one selling it. In other states, the regular process of transferring the ownership of the land from the seller is described.
In other words, it is often the case that the new home builder, or the elaborate estate agency, that is selling and transferring the residency, the land itself, and all the ratios and certificates pertaining to the land in question.
A Purchase Contract voids All Rights to Sublet
The purchase contract affords you the exclusive right to occupy and make the house unless the seller or the agent or landlord arises and proves that he or she is entitled to enforce his rights. If any such situation arises, as might occur in the case of a property that the agent has managed, then the purchase contract will immediately be nullified. Any subletting of the property will give rise to liability risks such as rent or damage claims and court action.
Regulations relating to Land and Home
Many people concerned with the regulation established the common rules, regulations, and declaration anchor the legitimate owner money to fix property boundaries and clarifications along the way, registration and ostensible titles, all of which must be properly considered before signing any documents.
* Legal Disclosure Statement
- Disclosure of the number of brokers involved
- Disclosure of the inventory
- Special clauses in the contract
- Existing and original Guarantees provided by the developer
- Bill of Sale or Letter
- Letter or certificate of title
- Valuation of land completed at registration
- Land title search deeds and certifications – payment required
- Warranties given and unpaid by the seller and developer
* Purchase contract
* Mortgage(s) certificate &
* Disclosures to buyer
* Prospect and purchasers disclosure form