Legal Procedure of Land Purchase and Use

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Legal Procedure of Land Purchase and Use
In Australia, there is not a single piece of
legislation that specifically addresses the sale
of agricultural property. The same conveyancing
processes come in use for the purchase and land
for sale holdings as they are for homes,
businesses, retail spaces, and other real estate
assets. Each state's appropriate real property
laws cover real estate transactions.
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Farmland Ownership
A family-run rural business typically holds its
real estate in one of three ways in the
individual names of the farmers or Graziers, in a
private "proprietary limited" corporation, or in
a private discretionary trust. It is important to
seek appropriate tax and accounting guidance in
order to determine the best land ownership
structure for the venture. The farmer or Grazier
will then frequently create an operating entity
(again, a private proprietary limited company or
a private discretionary trust) to run the
agribusiness from the property. A property entity
and an operational entity are the results of this
structure.
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Land Tenure
In Australia, freehold and leasehold are the two
most common types of land tenure. Each state and
territory have responsibility for managing the
formation of land titles and ownership. This is
in accordance with its unique set of laws. Across
their land holdings, larger rural properties may
contain a combination of leasehold and freehold
land tenures. Unlike private leasehold
agreements with individual landowners, leasehold
land holdings are often granted by the
government. The tenant-farming concept used by
private landowners is unusual in Australia. When
freehold is not an option, the farmer or Grazier
will typically lease farmland from the Crown or
government.
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Easements, Access rights and Different Interests
in Land
Land Title will talk about others registered
interests in land. This includes easements,
rights of way and restrictions on use. What
access is provided to the property, whether it is
legal access or access that is personal and can
be terminated, and to what extent is another
question to be addressed when acting for either a
vendor or a purchaser. Some vendors who have had
property for a very long timepossibly for
generationsbelieve that they have legal access
to it. But it turns out that they must cross a
stock road or pass through a neighbor's land
piece.
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