help with land measurement and insurance

Viewing 6 posts - 1 through 6 (of 6 total)

coolharry67
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@coolharry67
Join Date: 2008
Post Count: 56
October 14, 2009 - 12:41 am
hi all
iam about to buy my first home ,and my conveyancer says i need to measure the land and get insurance IMMEDIATELY. i have checked the contract and it says the risk remains with vendor till settlement(2 months away from now).so do i need to get a insurance now ??
i have not heard about the land measurement before? can anyone please advice what exactly it is and how should i do it?
all replies greatly appreciated
thanks
harry
Scott No Mates
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@scott-no-mates
Join Date: 2005
Post Count: 3,856
October 14, 2009 - 2:36 am
Quick questions:
Which state is the house located? In some states you have an insurable interest eg Qld and are required to insure the property to cover any damage between exchange and settlement.
Is the house Torrens Title or leasehold (eg crown lease)?
Measurement of land – I have never heard of this. The title of land is guaranteed by the State Government, we have a very secure system of land identification and tenure (compared to may other countries). The certificate of title identifies the property as Lot YY in Deposited Plan XX1234 or Volume XX Folio YY Deposited Plan UU, likewise strata title is referred to Lot PP in Strata Plan TT.
Either your conveyancer is very green or I am (about property in your state).
crj
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@crj
Join Date: 2004
Post Count: 618
October 14, 2009 - 4:19 am
In NSW if you are being allowed into occupation before settlement the insurance risk passes to you. One reason to consider taking out insurance earlier than settlement is the insurance companies often will not put the cover into effect for say 72 hours in bushfire or hail seasons
Yes your title is guaranteed, but how do you know the house etc is completely on the land title you are buying. You don't unless you get a survey.
coolharry67
Participant
@coolharry67
Join Date: 2008
Post Count: 56
October 14, 2009 - 8:50 am
sorry i forgot to mention, the house is in victoria. i just spoke to the conveyancer and she says
1) i need to have insurance just in case the house gets damaged before settlement and if the vendor didnt have insurance ,i will still have to go ahead with the purchase and will end up with the damaged house?
2) i need to measure the land just to be sure if the fences and boundaries are correct?

also iam a novice in this and i dont know if the house is house Torrens Title or leasehold (eg crown lease). i tried looking in the section32 and COS but i cant find anything.
any advice appreciated,
thanks
harry
coolharry67
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@coolharry67
Join Date: 2008
Post Count: 56
October 15, 2009 - 5:12 am
hi all,
i have spoken to consumer affairs vic and they advised to get insurance just to protect myself. so i Did.
but the question of land measurement remains?
any suggestions?
thanks
harry
duckster
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@duckster
Join Date: 2004
Post Count: 1,674
October 15, 2009 - 11:03 am
Here is a typical reason to get measurements done.
Your neighbour puts up a fence or your previous land owner but puts in 10 m on someone elses land.
The Titles are incorrect – I have seen it happen on current affair. If it is the 4th lot from the corner make sure it is.
You think your buying 980m2 of land but it is in reality 780m2 . – Seen this on Current affair.
http://www.wecare.net.au/buying.html
See section labelled as property location.under section 5 buyer beware
http://www.realestateeducation.com.au/buy_documentation.htm
See section Titled as Title
Adverse Possession of land may be a good reason to measure !!
In Victoria the Torrens Title System is being used
http://www.tisherliner.com.au/Adverse_Possession_in_Victoria.pdf
Hope this helps in finding a reason to measure before buying