What Exactly Am I Purchasing?
It’s such a simple question. When you buy a property what do you actually own? What is included in the Contract of Sale? We take a look at the most common property purchases and what is included after settlement.
Keep in mind that the below inclusions are of course subject to them being excluded in the Contract of Sale.
How do you avoid issues?
The best way to avoid issues at settlement is to discuss them during the negotiation of the property. Talk to your lawyer at Your Property Australia and include as much as possible in the Contract of Sale.
Do I get the garden furniture? What about the shed?
As a general rule of thumb, there is a section in the Contract of Sale that allows the Purchaser to list the items that they wish to be included in the purchase of the property.
Does that mean you have to list every door and tap fitting? No. If it’s attached to the land or the structure of the property then it is included with the property. So light fittings in the roof are included, but the lamp in the corner wouldn’t be.
When it comes to the outside of the property, the shed or a traditional cubby house would usually be included if it is concreted into the ground.
Buying a house
When you purchase a traditional house on a standard block of land that hasn’t been subdivided, everything on that block of land (which is reflected in the Plan of Subdivision) is transferred to your ownership at settlement.
Buying an apartment in a high rise development
When you purchase an apartment in a high rise development, there will be hundreds of other homeowners in the building. So what exactly do you own? The Plan of Subdivision will show you the actual physical property you own.
Buying a townhouse/apartment in a small development
If you have purchased in a development of 3-4 units or townhouses then chances are there isn’t the facilities of a high rise development to worry about.
Often the only ‘common property’ might be a small driveway to give everyone access to their home. Purchasers should refer to their Plan of Subdivision and pay particular attention to whether they own a carpark or it is part of the common property.
What are the 5 things that you should be doing before signing a Contract of Sale? Click here to find out!
As always give the lawyers at Your Property Australia a call to walk you through any questions.