3 Key Factors To Consider When Buying Pastoral Property
Buying pastoral property in the Northern Territory comes with a plethora of considerations and responsibilities. Here are three (3) key things to be aware of when thinking about buying such a property:
1. Land Rights: Pastoral leases in the Northern Territory are administered by the Department of Industry, Tourism and Trade, and require a Pastoral Land Board Lease or Pastoral License to be in place. The relevant documents should be carefully examined prior to purchase to ensure that the vendor has all the necessary rights and authority for occupation of the land.
2. Planning: All pastoral properties must adhere to local planning laws, zoning requirements, and other regulations. Therefore, it is important to understand what planning schemes are in place and any existing conditions that may have been imposed on the property.
3. Infrastructure: Pastoral properties must have the necessary infrastructure in order to be able to operate successfully - this includes mounting yards, fences, troughs, sheds and other buildings or structures that may be needed, depending on the intended use. It is important to assess the infrastructure and its condition when considering buying a pastoral property in the Northern Territory.
By keeping these three (3) key considerations in mind, you can make an informed, well-considered decision about purchasing pastoral property in the Northern Territory. For more information, contact your local Pastoral Land Board or the Department of Industry, Tourism and Trade.
In addition, should you be looking to purchase such a property, you should always consult with a professional when making decisions about your financial or legal matters.
Do you need help with a pastoral property transaction or a property transaction generally? For a pastoral property, please call Peter Walker on (08) 8941 6355 or email peter@bowden-mccormack.com.au. For the buying or selling of any property, please call Coralie Waters on (08) 8941 6355 or 0427 885080, or email conveyancer@bowden-mccormack.com.au