how does title work for land ?

reyntj


Joined: 26/01/2011
Posts: 229

Message Posted:
13/01/2012 08:25

if you are buying land to build on what is the process and pitfalls. From this forum i am familiar with the ptp kochan issues with buying offplan and resale properties etc. How does it differ for land - i presume the ptp process is the same but what if issued if ptp is obtained is there a kochan ?if i bought some land how could i prevent the owner from putting a memorandum on it until hopefully ptp was obtained.



how can i check the land has appropriate building consents.

tarry67


Joined: 16/05/2008
Posts: 1053

Message Posted:
13/01/2012 15:10

If you buy land first and get the title deeds it is much better than buying off plan, as you will pay vat on the land but not on the property when it is built saving you a fortune, unless this has changed again.

The title deed will tell you if it is building land or agricultural land, but be careful that it is not classed as a brown area which is for the sole purpose of building for tourism ie a hotel etc which should all be checked and explained by a solicitor. Year ago some people fell into the trap of buying the land but not owning the olive trees on it which this law I hope has now been changed.

When you obtain the deeds you need to register them with the land office (Tapu) then the land owner can not put any mortgage or anything else against it, until you recieve your PTP which could take a long time.



Steve

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
13/01/2012 15:31

Hi Steve,



"When you obtain the deeds you need to register them with the land office (Tapu) then the land owner can not put any mortgage or anything else against it, until you receive your PTP which could take a long time"



You will not obtain your deeds until you have received your PTP and the sale is completed. Do you mean register the sales contract not the deeds? This will safeguard the buyer from the seller taking out a mortgage on the land. However if the seller has any debts then memorandums can be placed on the land. This can make the buyer responsible for the sellers debt.



Good information regarding land title. I didn't know about the olive tree rules.

reyntj


Joined: 26/01/2011
Posts: 229

Message Posted:
13/01/2012 15:51

this is great info thnx much appreciated