What happens if you buy a property subject to lease?June 5, 2023
What happens if a registered proprietor has died?August 1, 2023
If you buy a property in rural or regional Victoria, you may see a few differences from buying a home in Melbourne.
- May not have a residence on it.
- May not have some of services that are normally connected to city properties, e.g. water, sewerage, gas, telephone.
- May not have a street address assigned to it by Council, and instead be referred to only by its lot number.
- May be located in a bushfire prone area.
- May be being sold with associated water rights, or a riparian lease. Water rights are associated with many parcels of agricultural land, where the landowner has the right to take specified amounts of water from adjacent creeks, rivers, irrigation channels or groundwater. The value of water rights are not dutiable. A riparian lease allows the landowner to use the riverbank adjacent to their land, usually for grazing animals, but with the responsibility to manage and conserve that local environment.
- May be sold together with agricultural machinery or equipment, the value of which is not dutiable.