NOTICE OF TRANSFER - NSW

EXAMPLE - NSW NOTICE OF TRANSFER

The NSW Notice of Transfer shown above is only one page but contains most of the important and relevant matter for a rural transfer. The valuer should take particular notice of the following:

1. SURNAME OR ORGANISATION NAME

   Indicator of whether or not the transaction is at "arms length" or has been put to the market. If the Names are the same, then it may be an "out of line" family transfer which is not indicative of market value.

   That is, further investigation is required.

2. DATE OF CONTRACT

   The relevant date for valuation purposes is date of contract not date of settlement.

3. PURCHASE PRICE

   If all the other conditions of the transaction meet the willing

   buyer willing seller theory then the purchase price is the market

   value of the sale property.

4. Under TRANSACTION DETAILS

   "Did the purchase price include land not in the accompanying instrument? eg other freehold, permissive occupancy, road enclosures". The answer to this question (YES/NO) will alert the valuer to other lands, perhaps in another locality, which were part of the transaction. Although ambiguous, as permissive occupancies and road enclosures cannot be included in the sale, the second part of the

   question should alert the valuer to whether or not the parties have

   included Crown licenses in the sale price.

   “Did the purchase price include any items which were not fixed improvements? eg crops, stock etc". The answer to this question (YES/NO) will alert the valuer to items and chattels which are

   not real estate. The sale would have to be adjusted by deducting the value of these items. This is not an easy matter. Walk in walk out sales inevitably include all these items.

   “Is the property affected wholly or partly by a current private lease registered at the LTO? Does not include leases from the Crown?”

   The answer to this question (YES/NO) will only convey information about registered leases under the Real Property Act. However, unregistered leases have an interest in the property by way of Equity (an "equitable interest") so that it would have been better to require notification of ALL leases. Further, the question does not cover private licences some of which (eg sharefarmers) have statutory protection and therefore, a statutory interest in the land.

   "What is the area of the land? What is the unit of measurement?"

   Since the use of the old imperial units are now illegal it would have been better to force all parties to the transaction to use metric units. The stated area of rural properties must be treated with caution as it may include non transferable Crown licences or be based on an old and inaccurate survey.