You know as a property developer that investigating a property before buying it is a key step. Skipping this step, or not putting in the right effort, can see you stuck with a litany of problems. And significantly delay your development plans. One vital part of your investigation is carrying out a title search on any properties you are interested in. But what can you expect a title search to show in NSW?
What Information is Shown in a Title Search in NSW?
A title search in NSW typically provides the following information:
- Details of the Property – The title search will show the legal description of the property, including its location, lot and plan number, and any street address.
- Details of the Ownership – You can expect the search to confirm who the current owner is, along with showing some details of previous owners.
- Details of Any Easements – You won’t find easements registered on all properties. But when you do, you need to know the details and how they could affect development.
- Details of Covenants – As with easements, you won’t find covenants on all properties you are interested in. But they are becoming more common in estates and newly developed areas and can severely limit your development plans.
- Mortgages on the Property – A title search won’t only show if there is a mortgage on the property, but also details of the financial institution it is held by.
- Caveats – A clear sign that there are unresolved issues affecting the property. Without a title search you might not be aware of this until much later.
- Leases – Commercial leases of more than three years must be registered on the Certificate of Title. And any new owner has to recognise the lease.
How You Can Benefit and Use the Information Shown on a Title Search
Conducting a title search in NSW can provide a range of benefits while also making it easier for you to make informed decisions:
- Revealing Potential Issues – One of the biggest benefits of carrying out a title search is from highlighting potential issues. While many of these issues can be resolved, the time taken can vary. And this can help you decide whether to proceed with the purchase, or to rather search for another property. Caveats, covenants, and leases would be potential issues.
- Revealing Development Opportunities – Depending on the potential of the property, an easement shouldn’t automatically disqualify it. Instead, you can investigate further to see if the easement has been abandoned, or if it can be adjusted. Easements can be changed, but only if the party benefiting from the easement and the party burdened by it agree to the changes. Failing that, it could still be worthwhile to see if your plans can be adapted to accommodate the easement.
Carrying out a title search in NSW previously meant working through an authorised information broker. Using an information broker can still be beneficial, particularly with more complex title searches. But the Archistar property development platform now also allows you to perform a title search. And you’re able to do so without ever leaving the platform. Simply select the property you are interested in to see what documents are available, and the cost for each. Making it easier for you to access the information shown in a title search without interrupting your exploration of potential development sites. Start with a free account to see what other critical information you can access and other benefits of the Archistar platform for property developers.