Buying a rural or lifestyle property is an increasingly popular choice for people moving from larger centres and expats looking to return home. As homes, businesses, or a combination of both, rural and lifestyle property buying and selling can be simplified with experienced legal and financial advice – before you sign any agreement.
Buying an established property
Finding a rural property or lifestyle block that’s already set up for your purpose is much easier with a list of your requirements already made. What do you absolutely need? What would be nice to have? What can you afford? The process is not so different from buying a house.
The differences between buying residential property and buying an established farm or lifestyle property are more obvious when it comes to the details of the agreement for purchase. For example, it is likely that the title of the property may be subject to various easements and have the advantage of easements over neighbouring land. You will need to understand the implications of these before you sign up. You may also need to check the arrangements for services such as water, power and sewage. The details should be checked by your lawyer to ensure that they’re acceptable to you.
Buying bare land
As a first-time rural buyer, purchasing bare land may seem relatively simple. In truth, buying bare land can be as involved, or even more involved, than buying an established property.
Your rural block may have restrictions about where you can build due to flooding issues or protected bush areas. Nearby zoning may mean that a noisy, industrial facility can set up next door to your quiet, country property. Your lawyer can help you get all the necessary reports and information, and work out what they mean to the suitability and worth of the land to you.
Whether or not you need to consider GST, and to what extent, is another aspect of the property purchase that your solicitor, working with your accountant, can also assist with.
Property Law Service knows rural property
Property Law Service can provide advice on your property agreement before you sign. If you’d like our assistance with your property agreement, please contact us for property purchase agreement advice.
Alternatively, you can talk to one of our team on 0800 PPTYLAW (0800 778 952) or +64 6 3705102.