Legal issues instruction on real estate investment in AustraliaWord文档下载推荐.docx
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Legal issues instruction on real estate investment in AustraliaWord文档下载推荐.docx
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LandinAustraliaisgenerallysoldonan‘asis,whereis’basisandtheprincipleofcaveatemptor(buyerbeware)applies.Thismeansthatyou,asapurchaser,needtoundertakeduediligenceofapropertybeforeyoubuyasvendorwarrantiesaregenerallyofalimitednature.Theextentoftheduediligenceyouneedtodoisdeterminedbytheproperty’snature,location,yourproposeduseanddevelopment,andyourfundingarrangements.
Thetimeandtheextentrequiredforyourduediligencemustbefactoredintoyouracquisitiontimetableandnormallyincludesphysical,taxationandlegalduediligence.
Legalduediligencegenerallyincludes:
>
conductingatitlesearchatthelandregistry,todeterminetheownerandanyregisteredencumbrances(egeasements,mortgages,restrictionsonuseandagreementswithgovernmentbodiesaboutworksortheproperty’suse);
applyingforsearchesfromvariousstatutoryauthorities,todeterminethegovernmentratesandtaxesthatapply,planningissues(egpermittedandprohibitedusesandanyrestrictionsonpotentialdevelopment),proposedresumptionsandheritageissues;
reviewinganytenancydocumentstoverifyincomeandidentifycapitalexpenditureandtenurerisks;
and
consideringanyplanningorotherapprovalsorlicencesrequiredtohold,developoroperatetheproperty.
Youmayengageotherconsultantstovalue,inspectorassessthepropertyanditsservicesandequipment,inordertoidentifyfuturecapitalexpenditureandthelevelofcompliancewithbuildingcodesandenvironmentalduediligence.Financialinstitutionslendingmoneywilloftendotheirownduediligenceasapreconditionoffunding.
Therearelegalconsequencesforvendorsandtheirsellingagentswhoprovidefalseormisleadinginformation.However,thisdoesnotmeanthatyoushouldnotdoyourownthoroughduediligence.
PLANNINGAPPROVALS
Overview
EachAustralianStateorTerritoryhasitsownsystemforadministeringplanninglawandtheapprovaloftheuseanddevelopmentofland.Dependinguponthezoneinwhichthelandislocated,differentapprovalrequirementswillapplyfortheuseofland,thedevelopmentofbuildingsandworksonthatlandandanysubdivisionofthelandparcel.
MostStatesandTerritorieshavelocalcouncilregionsresponsiblefortheadministrationofplanninganddevelopmentapprovalsunderthelocalPlanningSchemesorDevelopmentPlansandalsoStateandLocalPlanningPolicies.
MostStatesandTerritoriesalsohave‘fast-track’processeswheretheStateorTerritoryMinisterresponsibleforPlanningortherelevantStateorTerritoryDepartmentofPlanningcanissueapprovaldirectlyformoresignificantprojects.
ZoningofdifferentareasoflandissetoutinthePlanningSchemeMapsforeachlocalcouncilarea.ZonesinmostStatesincluderesidential,industrialandcommercial,andpublicusezones.Eachzone’splanning
schemeusuallyhasapurposesorobjectivessection,whichsetsouttheexpectationsforthatzoneandhelpsguidedecision-makersabouttheappropriateformsofdevelopmentinthatzone.Forexample,theVictorianResidentialGrowthZonehasasoneofitspurposes:
‘Toprovidehousingatincreaseddensitiesinbuildingsuptoandincludingfourstoreybuildings’.Eachzonethensetsoutthetypesofusesthatarepermittedwithouttheneedforaplanningapproval,requireapermit,orareprohibited.
MostPlanningSchemesalsohaveadditionallayersofcontrolforcertainareaswithintheircouncil/cityboundaries,forexample,fortheadditionalprotectionofheritagesitesorprecincts,nativevegetation,orotherenvironmentallysensitiveareasofland.
Environmentalapprovalsformatterssuchasimpactsonprotectedfloraandfauna,airemissionsorwasteproducedbytheproject,orinrelationtodevelopmentoncontaminatedlandaregenerallyseparatelymanagedthroughStateorTerritoryenvironmentprotectionagenciesanddepartmentsresponsibleforenvironmentandsustainabilityregimes.Dependinguponthesizeoftheproject,theenvironmentalandplanningapprovalregimescanbecombinedtostreamlinetheissuingoftheapprovals.
Optionsforstructuringapprovals
Dependingonthenatureofthesiteofinterestandtheappetiteforrisk,thereareseveraloptionsforstructuringthewaythatapprovalsaremanagedinthepurchaseprocess.
Purchasefullyapprovedproject
Obviouslythisistheleastriskyapproach;
however,itisalsotheleastflexibleandlikelytobemoreexpensiveasapremiumwillbeaddedtothepurchasepricefortheapproval.
Duediligenceenquiriesshouldbecarriedouttoconfirmthat:
theapprovalisvalidandhasnotexpired(orcanbeextended);
therearenootherapprovalsrequired(suchasheritageorfloraandfauna,orcontaminationclean-up);
or
anyconditionsoftheapprovalsarenottoorestrictive.
Generally,projectapprovalscanbeamendedsubjecttoanapplicationprocesstotheAuthoritywhichissuedthatapproval.Thiscanpotentiallyallowforsomechangestotheconditionsoftheapprovalortotheplansintheeventthatchangesarerequiredoranewdesignisconsideredmoreviable.Amendmentscanpotentiallychangeparameterssuchastheheightofabuilding;
however,amendmentscannotsosignificantlyaltertheapproveddevelopmentthatitwouldbeconsideredtobea‘transformation’oftheoriginallyapprovedproject.Ifchangessoughtareatransformation,thenanewapprovalprocessisrequired.
Purchasemadesubjecttoobtainingapprovalforproposedproject
Anypurchasethatissubjecttoobtaininganapprovalfortheproposeddevelopmentshouldincludetermsthatspecify:
whichpartyistoapplyfortheapproval;
theagreednatureoftheproposeduseanddevelopment;
thattheapprovalmustbeissuedontermsreasonablyacceptabletothePurchaser;
thattheapprovalmustbeobtained(andnolongersubjecttothirdpartyappeal)withinasettime-frame.Purchaserduediligencewillbeimportanttodeterminethelikelihoodofobtainingthedesiredapprovals.
Thisshouldincludeinvestigatingallzoningrestrictions,policyimperatives,floraandfaunaandheritageconstraints,andanycontaminationclean-upliabilities.
Purchaseoflandwithoutapprovalforproposedproject
Obviouslythisapproachcarriesthegreatestregulatoryrisk,butisalsopotentiallyagreatervaluepropositioniflowervaluelandcanberezonedforthedesiredpurposesandanapprovalobtainedfortheproposedproject.
Comprehensivepurchaserduediligencewillbeveryimportanttodeterminethelikelihoodofobtainingthedesiredrezoningorapproval.Thisshouldincludeinvestigatingallcurrentzoningrestrictions,planningpolicyimperatives,floraandfaunaandheritageconstraints,andanycontaminationclean-upliabilities.
CONTAMINATION
AlthougheachAustralianStateandTerritoryhasitsownlawsrelatingtothecontaminationofland,generallythe‘polluterpays’principleisapplied,whichmeansthepersonwhocausedthecontaminationisresponsibleforanyrequiredremediation.However,thevariousStateandTerritoryauthoritiesresponsiblefortheenforcementofenvironmentallawsinAustraliamayalsohaverecoursetotheowner,occupierormortgageeoflandincertaincircumstances(egwherethepolluternolongerexistsorcannotbefound).
Itisusualforindustrialproperties,orpropertieswherecontaminationissuspected,thatapurchasercommissionanenvironmentalconsultanttoprepareanenvironmentalreportaspartoftheduediligencefortheacquisitionor,atleast,reviewavailablereportsprovidedbyavendor.Thisinformationcanthenbeusedtoconsiderappropriateallocationofliabilitygoingforwardandanyindemnitiesthatmayberequired(includingwhetherthereisaneedforanysecurityinsupportoftheindemnities).
Thepotentialforongoingliabilityforcontaminationmayberelevantwhendecidingwhethertoproceedthroughanacquisitionofsharesoradirecttransferoftheasset.
NATIVETITLE
Australiarecognisesthatitsindigenousinhabitantsmaycontinuetoholdtraditionalrightsandinterestsinrelationtolandandwaters,andtheseareknownasnativetitlerights.Nativetitlelawoperatesinadditiontoculturalheritageprotectionlaws.
Anumberofgovernmentactionshavecompletelyextinguishednativetitlerightsoverland,andthisisgenerallythecaseforallregisteredfreeholdland,andformosttypesofleaseholdinterest.Inestablishedurbancentres,nativetitleisnotusuallyanissueforalandbuyer.ButinruralandremotepartsofAustralia,orfordevelopmentsinvolvinggovernmentlandrelease,nativetitleshouldbemorecloselyexamined.BecausenativetitlewasnotrecognisedinAustraliauntil1992,thenatureandtimingoflandtenureinterestsareimportantin
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