If you are a property owner in Victoria, Australia, you may have heard of a Section 173 agreement. But what exactly is it, and how does it impact your property? In this article, we will delve into the specifics of a Section 173 agreement in Victoria.
First, let`s define what a Section 173 agreement is. It is a binding legal agreement between a property owner and a local council, which outlines specific conditions and restrictions on the use and development of the property. These agreements are usually put in place to protect the environmental, heritage, or cultural significance of the area in which the property is located.
When a Section 173 agreement is in place, it is registered on the property title, meaning it is a legal requirement that must be adhered to by any future property owners. Failure to comply with the agreement can result in legal action and penalties.
The conditions outlined in a Section 173 agreement can vary, depending on the specific circumstances of the property and its location. For example, if your property is located near a wetland or other environmentally sensitive area, the agreement may require you to preserve and maintain the biodiversity of the area, limit development activities, or restrict the use of certain chemicals.
Alternatively, if your property is located in a heritage or cultural significant area, the agreement may require you to maintain the heritage features of the property, limit modifications or renovations, and restrict the use of certain materials.
It is important to note that while a Section 173 agreement may restrict some activities on your property, it does not prevent you from using or developing it altogether. However, any proposed development or activity must comply with the conditions outlined in the agreement.
If you are considering purchasing a property that has a Section 173 agreement in place, it is important to thoroughly read and understand the terms and conditions of the agreement before proceeding with the purchase. It is also recommended to seek legal advice to ensure you are fully aware of your obligations and responsibilities under the agreement.
In conclusion, a Section 173 agreement is a legal agreement between a property owner and a local council, outlining specific conditions and restrictions on the use and development of the property. These agreements are put in place to protect the environmental, heritage, or cultural significance of an area and are legally binding. If you are purchasing a property with a Section 173 agreement, it is important to understand your obligations and seek legal advice.