What is Land Registration?
This is compulsory when purchasing or selling a home, and in the simplest terms, it tells the home buyer what area of land is theirs and what the boundary limits are. Much of this is done out of sight of the buyer and passes through the official channels to make sure what is given on any drawings, is actually what the land incorporates.
This land registration is often requested by lenders as it not only details what sized area they are lending money against, it also gives details of any property problems from landslides or past effects of subsidence from mining, as examples.
It may seem that all the benefit is in the hand of the lender, but this is not the case. By using the land registration, it gives you, the buyer peace of mind that the area being sold is exactly what you are paying for, and you will be free from any doubt that your fence has encroached onto any one else’s property. It sheds light on the real reality of the land being purchased.
You will also know the impact of any said subsidence and also any effects of flooding in the area that may have happened and not been disclosed. At the most critical point of the land registration, is revealed the statement about who the actual owner of the land is. This may seem trivial when you have purchased a home, but when it comes to a family’s death or situation where the ownership is disputed, it can save any argument about who has the right to pass on the title.
When you are in a position of purchasing a new home, you should request that this information is made available. Not only will it show any problems with the land where your house is built, but it can also take away the unscrupulous dealings of any suspect builders or developers. FHA only chooses great land for their requirements.
First Home Australia can advise on anything to do with land registration, and it is one of the first things we would show potential buyers once the process has commenced. We will already have this registration in place, so once you have chosen your dream home location and purchased, the title would be passed over to you as the contracts are completed.
Having this can gain so much security and peace of mind. Land registration is there to protect everyone, and if you are purchasing a home where it cannot be provided, it is time to take a step back and ask why. It always needs to be a part of your journey.