Glossary | ||
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IDENTIFICATION SURVEY | |
| An Identification Survey: confirms or otherwise that what you have seen on site is reflected in the title you purchase. It clarifies the relationship between the improvements (fences, buildings, sheds, driveways etc) at the location with the title boundaries. It does NOT redefine the boundaries of the site (ie the boundaries are not certified as correct for legal purposes), it gives a general relationship between the boundaries and the improvements. It does NOT result in boundary or corner pegs being placed nor levels or contours being derived and should NOT be used as the basis of a building or structure setout. Survey Fees are applicable. The example to the right is extreme but is a real life case and does happen!! Contact us for advice in relation to these matters. |  |
IMPROVEMENTS | |
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Improvements: The structures built on and the enhancements to land are called improvements. The structures and enhancements become fixtures and become part of the land. A contract will sell the land "and all improvements thereon". | |
INFORMAL OFFER | |
Options can be formal or informal:. A Formal option is an option in writing where a sum of money is paid that is either forfeited to the vendor if the option is not exercised or becomes part of the purchase price if the option is exercised. An informal option is an option by "handshake" or gentlemen's agreement . It is not in writing and there is no monetary consideration. It is not legally binding on either party. | |
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