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Strata tip #72: Site Acquisition – Authorities, approvals and consents

You have to acquire these too, including any associated intellectual property rights.  Sometimes the value of the land is an existing approval or consent (for example a development approval, water allocation or statutory licence).  It is surprising how many times these authorities, approvals or consents are not acquired, when they should be, as part of the purchase contract.  It is a simple matter to insert a special condition to ensure that a given authority, approval or consent is transferred, or at worst case surrendered and a fresh one granted in the name of the buyer.