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FAQ'S ..... Frequently Asked Questions

Land - Understanding Title Ownership

There are basically 7 systems of Land Title Ownership applicable in Victoria and detailed hereunder is a brief overview of each.

The first and earliest type of title was the 'General Law' or 'Common Law' Title and is the earliest system for transferring land. It consists of a complex chain of deeds listing details of all dealings in the land and you need at least the past thirty years unbroken chain of deeds to ensure continuous Title Ownership.

Under the General Law system, land registration was not compulsory so it was possible for an unknown person to have a legal but unregistered claim to land.

Although becoming more uncommon this old system is still in operation.

Property Consulting

Q)How much should you pay for a property?

More and more buyers are now turning to independent property consultants to assist them when buying a property.

There are many benefits in engaging the services of the property consultant. Firstly a property consultant should conduct a full inspection of the property you wish to buy.

Once having completed the inspection and recording all the relevant details of the property the consultant should then research the market to determine the tmc level of value for the particular property.

If your consultant applies sound valuation principals to their research, they should be able to advise you of a fair market range within which the subject property should sell.

This range would be determined on actual sales evidence and not a figure plucked out of the air by an over zealous estate agent.