Buying a land is an important step in every person’s life as it is the first step that will make one progress in building a house or starting up a business. One must have a considerable amount of wealth in order to buy a land as it is seen that lands are very expensive in any country in the modern days. There are certain considerations that apply when one seeks to buy a land as claiming of ownership to a land involve a legal process. If you are completely ignorant as to the considerations that apply when you want to buy a land you are more likely to fall in trouble as it is necessary that you follow the steps with knowledge. The facts given below are to educate you on the different consideration you need to take into account when you want to buy a land.
Prior ownership
When you buy a land it is necessary that you study the way the land has passed to the owner from whom you are buying. In many countries lawyers make a ASIC company extract before they convey an ownership to a buyer by way of deed. When transference of ownership takes place such are registered in books and these registries must be referred to in order to see how the chain of ownership has passed. If there is a clear and valid ownership passed for a considerable period you can confidently decide to buy a land but if there are doubts in the chain of ownership you need to look in to those and clear them or refrain yourself from buying the land.
Encumbrance check
When you look in to the chain of ownership you may come across different encumbrances such as mortgages, leases, cases filed against the land, caveats, and many other unclear instances which you will have to look into and clear before you choose to buy a given land. You can get an afsa bankruptcy searches done to see if the land you are going to buy is a ppsr https://globalx.com.au/globalx-search/personal-information. Sometimes the encumbrances in the ownership chain may have been already prescribed according to the time limitations provided in the laws. If the case is so even if there are encumbrances no person would be able to take actions against you and you can have a clear ownership.
Claiming ownership
After you search all the details relating to the land you need to take measures to claim the ownership for yourself. You need to get a deed written, attested and registered by a lawyer to claim your valid ownership to the land.
