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Buying land or developing a subdivision will most likely involve a lot of paperwork. Among all the legalese and property documents, you’re likely to run across something called a deposited plan. The deposited plan is something you’ll definitely want to become familiar with, especially if you are involved in real estate, development, or property ownership.
Basically, a deposited plan is the ultimate map that defines the legal boundaries of your property. Otherwise, trying to determine where your property ends and your neighbour’s begins would be guesswork.
With the aid of this guide, you’ll find out just what is a deposited plan is, how it is used and why it is an integral component in a property investment. We’ll decode any legalese so the terminology makes sense and you have all the knowledge necessary to continue making intelligent real estate decisions.
The Basic Definition: What is a Deposited Plan?
Essentially, a deposited plan is a document which determines the legal boundaries of a parcel of land. When a surveyor has measured a block of land, it is represented as a deposited plan and the boundary, size and dimensions are displayed.
Once completed, it is forwarded to the relevant state or territory land registry where it is lodged and registered. It is this registration that makes the deposited plan a legal document of the land.
How a Deposited Plan Works
Making a plan that is registered, or ‘deposited’, is a very controlled and meticulous task. It starts with the commissioning of a registered land surveyor. Their job is to measure the land using surveying instruments. They measure to determine the precise locations, directions, and distances between the boundaries of the plot of land they are surveying.
Once they have finished measuring, they draft a map of the land that gives all the mathematically calculated values for everything they surveyed. This plan is then sent to the local land registry body.
The government authority checks the document to ensure it complies with the local planning/zoning regulations. When it does, the document is then ‘deposited’ in the official land registry, where it is allocated a unique identifying number, making it accessible for any sale, argument, or planning application.
Key Features of a Deposited Plan
In a deposited plan, various components help create a full view of the land; an overview of these components should aid reading.
Lot numbers. The plan indicates the specific lot number assigned to each parcel of land, and it is this lot number that appears on the certificate of title.
Boundary dimensions. Each boundary line has its length stated clearly. The angles between the lines have also been specified, removing all uncertainty about the size and shape of the lot.
Easements and covenants. If another person or body is permitted to use part of the land (for instance, if the electricity company is permitted access to maintain a power line), this is described as an easement. Covenants, or limitations placed upon the use of the land, will also be shown on the plan.
Why Deposited Plans Are Important
With the peace of mind and legal certainty that come with an exact what is a deposited plan, there is no longer guesswork when you own a property.
When you intend to erect a fence, extend your home, or install a swimming pool, you need to know your boundaries and avoid inadvertently encroaching on your neighbour’s land. You cannot safely rely upon such things as old fences and hedges, as they can drift over time or be erected in the wrong position.
A lender will also require that a registered deposit be provided before a mortgage will be granted to facilitate the purchase of a property or for a building loan; it establishes to the lender that your property does, in fact, exist in the described form.
Where Are Deposited Plans Used?
What is a deposited plan are used for a range of real estate purposes. The most common use is for land subdivision, in which a developer buys a large parcel of land and subdivides it into numerous individual residential lots. A new deposit plan must be drawn and registered before a new individual title can be created for each lot.
It can also be used when merging multiple parcels of land into a single lot. Also, if a portion of private land needs to be resumed for public purposes, such as widening a public road, a new deposited plan will have to be drawn.
Common Terms Related to Deposited Plans
For the purposes of understanding deposited plans more fully, some of the language used in relation to deposited plans may be useful to know.
Registered Surveyor: This is the professional who is officially licensed to measure boundaries and draft a plan.
Certificate of Title-This is the document that formally identifies the registered proprietor of a particular lot. The Certificate of Title will always reference a particular deposited plan number.
Right of Way- This is a type of easement granted to the owner of one parcel of land that permits them to pass over another parcel to access their land.
Benefits and Limitations
Like most formal dealings with property, there are pros and cons in relation to dealing with deposited plans. The main positive is the ultimate legal certainty that comes with having a registered plan over the property. This not only protects your property interests but also saves you from having to deal with future neighbours regarding boundary disputes, etc., and from problems when the property comes to be sold.
The downside, obviously, is the cost and time required to have one prepared. In addition to the fee for employing a registered surveyor, there are government registration fees to be paid, and the plan may take several weeks, or even months, for registration depending on how complicated it is and how busy the land registry office is.
Securing Your Property’s Future
Understanding what a deposited plan is and how it works will help you manage your real estate properly. From buying your first home to subdividing large land parcels to replacing a boundary fence, this document will be your primary reference to the physical limitations of your land.
If you are at all concerned about your property boundaries or undertaking some kind of development, the first person to seek advice from is a licensed registered land surveyor. They will be able to locate your current what is a deposited plan or assist you in obtaining one to safeguard your property for the future.
FAQs:
What is a deposited plan?
A deposited plan is a registered plan that illustrates the property boundaries, subdivisions and measurements registered on the land authorities.
Why is a deposited plan useful?
Knowing what a deposited plan is ensures buyers and landowners can verify legal boundaries and details of a parcel of land.
Who is responsible for preparing a deposited plan?
Normally, a licensed surveyor prepares and lodges a deposited plan.
Where do I obtain a deposited plan?
To ascertain what a deposited plan is for your particular land, a copy may be ordered through the local land registry.
What details does a deposited plan contain?
Lot number, dimensions, easements, roads, boundary lines and measurement information for the property are all contained within a deposited plan.
