Due Diligence in Rural Property Purchasing
Whether you intend to live there, manage it, or use it as a weekender, owning a rural property can be extremely rewarding. However, the buying and selling of rural land is a very large undertaking and while the actual process for buying rural property is similar to buying a house elsewhere (see our Conveyancing section for further details), it has many unique issues that also need to be considered.
Our experts at Farrell Goode have decades worth of experience in assisting their clients through the process of buying and selling rural land.
Purchasing a farm
When purchasing a rural property there may be some issues that the Vendor is not obliged to mention. Access to the property to do a thorough inspection and some careful questions may help to uncover these issues and ensure an understanding of exactly what is being sold along with the property.
The following should be taken into account before any commitment is made:
- Is the land appropriate for the use which you have in mind? (It is important to consider the Native Vegetation Act, flood plains, accessibility, water tables, depth, quality and reliability),
- Do any boundary disputes exist or any mining licences or licence applications cover the land?
- Does the transaction include the transfer of any crown leases or licenses?
- Are there any Local Land Services rates and have they been paid?
- Are there any existing easements or other rights of way currently run through the property?
- Are there any stock diseases or is there any contamination present or on record?
- Is there appropriate road access?
- Are there additional searches and enquires that will need to be undertaken, such as:
- Chemical Residues
- Livestock Diseases
- Plant Diseases and Pests
- Noxious Weeds
Selling a farm
There are important obligations on vendors in relation to prescribed documents which must be disclosed in the Contract.
It is important that a contract is prepared to ensure;
- the purchaser accepts the land in its current condition,
- that there are no adverse tax consequences for the seller,
- you are protected from any potential claims that may be made by the purchaser.
Call us on 02 6977 1155 to book an appointment our team today, or send us an enquiry through our CONTACT US page.
Our Main Services
- Property Law and conveyancing including buying and selling property and businesses
- Business and commercial law including leases
- Family law including divorce, children’s matters and property settlements
- Wills, deceased estates and powers of attorney
- Criminal law including driving offences
Contact Us
Farrell Goode has offices across the Riverina including;
