What Is an Accession Deed? (First land buyer)

wau2 on 10/10/2016 - 13:36

Hi there

I am planning to purchase a land (in keysborough - VIC) and had a look at the contract of sale. One thing I have seen that I haven't seen in other contracts is that it requires the purchaser (me) to enter into an accession deed. Can anyone advise what this means? (as a first point of call).

Just some background info, the land is in a new estate, was sold so the current vendor, and they have put it back up for sale 6 months later (agent said they supposedly bought their dream home).

Also, are there any tips for a first land buyer?

Thanks in advance (and I will confirm with a conveyancer that the contract is all good).

Home & Garden

Comments

  • altomic on 10/10/2016 - 13:47
    +2

    Accession Deed- In property law, it is a mode of acquiring property that involves the addition of value to property through labor or the addition of new materials. For example, a person who owns a property on a river delta also takes ownership of any additional land that builds up along the riverbank due to natural deposits or man made deposits.

  • pjetson on 10/10/2016 - 15:58
    +1

    I am not a lawyer, and I have never heard the term before. Therefore, my suspicions on the meaning of the term are worth exactly what you paid for them.

    However, I suspect that it may have something to do with there being some kind of restriction on the land, and the accession deed is to make sure that the restriction continues for future buyers. By restriction, I mean something like what you are allowed to build, and what materials you can use.

    Please get legal advice before you sign anything!

  • pjetson on 10/10/2016 - 16:10
    +1

    OR,

    I just found this. It's from a West Australian document discussing a National Electronic Conveyancing System (NECS):

    1. What are the security issues involved with the use of the Electronic Lodgement File?
      All subscribers must sign an Accession Agreement to use the EC system. Part of this deed includes the need to obtain and use digital certificates when signing on behalf of clients. These certificates can only be obtained from an authorised Certifying Authority (CA), and will only be issued after the subscriber has been through a process administered by a CA as determined by the Accession Deed.
    2. What is the Accession Deed?
      The Accession Deed is the document that you have to sign and forward to Land Exchange to become a subscriber to the EC system.

    Again, I think it's a method of binding future owners to the original agreement.

  • snook on 13/10/2016 - 14:41

    Ask your conveyancer

  • pjetson on 13/10/2016 - 14:56

    wau2, when you find out, please come back and let us know!

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