(1 bis) Without limitation of the subsection (1), a competent authority may enter into an agreement with a landowner for the development or provision of affordable housing. An agreement is like any other contract. It must be negotiated and agreed upon by all parties involved. Sometimes an agreement under Section 173 may be required through a planning scheme or authorization. If this is the case, it must be completed before beginning an evolution. But everyone still has the right to negotiate the agreement. It is a good idea to have a lawyer represented in these negotiations. While anyone can enter into a contract, an agreement under section 173 Planning and Environment Act 1987 is so unique that it can be entered into the field. This creates very specific obligations and rights in rural areas. It also facilitates land use planning by municipal councils, which do not have to rely on laws, regulations or other legal requirements. When considering buying land, it is important to check if 173 agreements are registered on the title. This way you can see what the restrictions are before you buy. As with other agreements, a Section 173 agreement is a legal contract.
However, the advantage of a Section 173 agreement is that it can be listed on the land, so that the owner`s obligations under the contract bind the future owners and occupants of the land. A Section 173 agreement can also be applied in the same way as an authorization condition or planning scheme. In the section 173 agreement, it may end. Typically, it`s when something happens or on a given date. If it does not say when it will end, it can only be lifted if anyone party to the Agreement agrees to amend it. Residential property gives people a lot of security, but doesn`t mean they can do whatever they want on their property. In Victoria, Section 173 of the Planning and Environment Act 1987 authorizes a local council and landowner to enter into an agreement limiting the use of the land. These, commonly referred to as Section 173 agreements, may prevent surfaces from being subdivided, used for staggered developments, or may require the maintenance of certain soil characteristics.
Section 173 of the agreements is usually concluded between a city council and the landowner. Therefore, if you wish to develop a property in Box Hill, you may be invited to enter into an Agreement under Section 173 with the City of Whitehorse. If you want to divide the land in Portsea, the deal with the Mornington Peninsula Shire would be. The Commission must ask the Registrar of Titles to record a property agreement pursuant to Section 173. Before the contract can be registered, anyone who has given a mortgage on the country must also accept that it is registered. This may include a bank or financial institution. As with other agreements, a Section 173 agreement is a legal contract. An agreement is imposed in the same way as an authorization condition or planning scheme. It can also be considered a disadvantage for potential future owners, which affects the sale value of the land. Dear Guest, Thanks for your informative article re: Section 173 Accords.
I have a question you may not know. I`m in the process of buying a student apartment (one bedroom) in Hawthorn, which has an S173 in place. My wife is a real estate manager, and we thought we could do it ourselves as long as we only rented it to students. Existing property managers (Student Housing Australia) say we can`t do that because we don`t have a student management plan with the council and we should actually use it.