Thread by @MyersFletcherJA

When purchasing property there are certain checks and balances that you need to do before finalising your purchase. #MFGTwitterSpace
#BuyingPropertyInJa

You will need a land surveyor and a valuator, but why? #MFGTwitterSpace
#BuyingPropertyInJa

The land surveyor will look on the certificate of title and entries like the restrictive covenants, easements and encumbrances and make checks to see whether there is anything to compromise your potential interest in the property #MFGTwitterSpace
#BuyingPropertyInJa

A report from the land surveyor is also useful and required when purchasing property by way of mortgage #MFGTwitterSpace
#BuyingPropertyInJa

Land surveyors, valuators, realtors and attorneys are all crucial professionals in the process of purchasing property to ensure your interest is protected #MFGTwitterSpace
#BuyingPropertyInJa

Another thing to note when purchasing are the associated costs such as stamp duty, transfer tax and registration fee. #MFGTwitterSpace
#BuyingPropertyInJa

Other costs include letters of possession (NWC & JPS), half costs for the agreement for sale and costs to deal with the by-laws for strata corporations. #MFGTwitterSpace
#BuyingPropertyInJa

The job of your attorney is to conduct an extensive due diligence exercise on your behalf to include obtaining a copy of the title and the statutory approvals issued along with the necessary permits. #MFGTwitterSpace
#BuyingPropertyInJa

The attorney will advise whether any approvals although granted are vulnerable to challenge.
#BuyingPropertyInJa

When you're buying the property with someone else there are things that you need to consider #BuyingPropertyInJa #FirstTimeHome #RealEstate

You can buy the property as joint tenants which results in the property being transferred to the surviving proprietor should one die #BuyingPropertyInJa

You can also buy the property as tenants in common which results in you owning a portion of that property (unidentifiable) and that interest can be willed, unlike a joint tenant relationship #BuyingPropertyInJa #multipleowners #RealEstate

If the property being purchased has a restrictive covenant which may prohibit the sale of the developed property, the restrictive covenant may be modified #restrictivecovenant #BuyingPropertyinJa #modifications #RealEstate

The process from start to finish for modifying restrictive covenants takes about 6-9 months #BuyingPropertyinJa

This modification process can be done post completion #BuyingPropertyinJa

If you're buying property in a group for the purpose of development we also suggest that the group incorporate a company to be the owner of the land #BuyingPropertyinJa