Hello everyone,
There is a property for sale, front house of a two lot subdivision (Battle Axe). The subdivision was done recently so no building at the back. No common property, both properties have their own title. However, there is a section 173 agreement on them. Has anyone got any good/bad experiences on section 173 agreement?
Front property is full fence all around during the subdivision.
My limited knowledge on it is;
- Section 173 impact the empty land (i.e. back property), e.g. there may already be a planning permit on what sort of a house that they can put there.
- There will be financial contributions from front property owner
e.g. Fencing, common driveways etc... However, in this case, fencing is all done and there's no common property.
Pros;
Price haggle due to cons
I was following another one few years ago and it took ages to sell.
Cons;
- Lot of disruptions when the back unit is built.
- Due to above reasons, it may be hard to rent.
There is a property for sale, front house of a two lot subdivision (Battle Axe). The subdivision was done recently so no building at the back. No common property, both properties have their own title. However, there is a section 173 agreement on them. Has anyone got any good/bad experiences on section 173 agreement?
Front property is full fence all around during the subdivision.
My limited knowledge on it is;
- Section 173 impact the empty land (i.e. back property), e.g. there may already be a planning permit on what sort of a house that they can put there.
- There will be financial contributions from front property owner
e.g. Fencing, common driveways etc... However, in this case, fencing is all done and there's no common property.
Pros;
Price haggle due to cons
I was following another one few years ago and it took ages to sell.
Cons;
- Lot of disruptions when the back unit is built.
- Due to above reasons, it may be hard to rent.
