Who doesn’t like owning a property and dealing in real estate? Normally, real estate owners get a bundle of rights wherever the property is transferred to them, whether they purchase it or acquire it. However, being an Australian citizen, several legal rights and a legal bundle of responsibilities come with dealing in real estate.
Some of the common aspects of these legal rights include possession of the property, control over it, rights to exclude people from the property and also to dispose of it, however along with these legal rights comes several legal responsibilities and corollary’s which only when you are teaming up with reputed commercial lawyers Perth can teach you about and help you in countering any legal situation.
A Look Into Some Of The Legal Rights Owners Have
Some of the most important legal rights possessed by property owners in Australia include:
What Are The Different Types Of Holdings Real Estate Owners Have?
As per the real estate laws in Australia, the holding can either be of:
Apart from these commonly accepted ones, some other forms of land interest which are granted by the Australian law include rights of native title, ownership rights with crown lease, and mining lease. Note that freehold or leasehold property owners can always mortgage their interest and grant others the right over the property similar to what they enjoy, for example, accession rights.
What Are The Differences Between Land And Building Rights?
An important aspect that can lead to various real estate-related lawsuits if not handled by a leading property lawyer is the individual right on land and building estates. This, although a bit complicated, but is not an uncommon incident. Normally, it is believed that when you have the ownership of land, it is accompanied by all the structures and fixtures erected on the land.
However, you being the landowner, can grant a long-term lease of the structure all fixtures erected on the land to a third party, which will separate the ownership of land and the building.
What Are The Restrictions Associated With Ownership?
According to the laws of Australia, there is not much of restrictions associated with ownership of land as long as the legal entity or the individual is above the age of 18 or is a registered company or a trustee. However, there are restrictions associated with foreign ownership of real estate properties.
However, these restrictions are limited to certain requirements from the foreign party, like obtaining government approval. Normally in case if you are a foreigner planning on doing some real estate venture in Australia, you have to show that there will be some economic benefit to the country in your application to get approved. Again note that these kinds of restrictions are not applicable for second hand i.e., not newly developed residential real estate properties where any foreign buyer can buy under a limited amount of circumstances.
What Are Some Of The Documents And Procedures For Registering Real Estate Properties?
Each jurisdiction of Australia has its land title registries from where any member of the public can register their property. There is also an option of convincing being done electronically from the year 2019, and the paper certificates can be phased out.
Why Hire Property Lawyers?
Real estate property dealings are generally associated with several papers, most of which are legal documents. One of the biggest advantages of hiring business lawyers Perth is that they help you understand the property agreements, various state-wise litigations and draft your application for a property transaction.
While you are investing in a property transaction, one of the key factors that one needs to know is the title of the property you are investing in. In some cases, there may arise confusion regarding this matter. It is always better to take help from expert real estate lawyers to sort the matters.
Buying, selling, renting, or leasing of properties, every condition is different, and every condition has its specific sets of requirements. Only a seasoned property lawyer can understand these specific demands and make you well versed both with the property type and proceedings.
Find an agency lawyer with proper expertise in commercial real estate dealings and make your property deals seamless.
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Commercial lawyers Perth team did a great job for my settlement. Very professional and friendly lawyers in Perth . My queries were always answered and were just a call away. Highly recommended commercial lawyers in Perth , Western Australia
Commercial Lawyers Perth WA did a great job for my settlement. Very professional and friendly lawyers in Perth. My queries were always answered and were just a call away. Highly recommended commercial lawyers in Perth, Western Australia