Hi all
[thumbsupanim]We are currently looking at buying our first property (which will be our PPOR).
I’ve just received a copy of the contract (property in NSW), and there are a few things in the title search that I wanted some advice on.
Firstly the property has a drainage easemnet that runs along the length of the block, just along one of the boundary lines.
We don’t have any plans to build but would be looking to renovate in the future to add value. We just wanted to know peoples views on having an easement through their property.
The other thing is, that there is a covenant on the house. As i’m very new to this, i’m not sure what this really means. I’ve done some reasearch and it seems to indicate that it is conditions that you have to stick to when purchasing the house?
Does the covenant last for ever or is there a time limit, as it was done in 1970 when the lot was originally subdivided.
The conditions of the covenant are basically:
1. Only one building can be built on the block
2. No temporaty buildings can be erected
3. “There shall not at any time be work carried on or permitted to be worked or carried on any trade or business of any kind“
4. No advertisement signs of hoarding shall be erected
5. ” No fence shall be erected unless the previous written aprroval of the said NAME OF PERSON or her executors or administrators shall first have been obtained to be the design thereof and the material to be used in the construction thereof”
6. The a blurb that if anyone tries to have the covenant release or modified, then they will be resposible for paying legal costs of the person who had it drawn upAny help on these matters would be greatly appreciated, as I would like to be a little more informed before thinking about the next steps.
Thanks
Nick
HI there
sounds like you need to speak to your solicitor or conveyancer about those terms and conditions
most properties have some form of easement on them for services such as water, electricity etc
as for the covenants – it looks like whoever subdivided the land was trying to ensure it remained a residential property
if you are planning to run a business from the property you should consider the terms with your solicitor – the fencing covenant is interesting – but look around the other properties – what sort of fences are they putting up?
[thumbsupanim]
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