When it comes to land development or construction projects, there are various legal processes involved. One of which is the Section 173 Agreement. In this article, we will discuss what Section 173 Agreement is and how it can affect your construction project.
The Section 173 Agreement, also known as a planning agreement, is a legal document made under Section 173 of the Planning and Environment Act 1987. It is an agreement between a landowner and a local council that sets out conditions or restrictions on how the land can be used or developed. The agreement is binding on both parties and runs with the land.
The purpose of Section 173 Agreement is to ensure that the development of land is consistent with the planning scheme, which sets out the rules for development in the local area. It is also used to protect things like environmental and heritage values, public infrastructure, and amenity.
In Victoria, law firm Maddocks is one of the leading firms that specializes in Section 173 Agreements. Their team of experts can provide advice and assistance to both landowners and councils in the negotiation and drafting of these agreements.
One of the key benefits of having a Section 173 Agreement in place is that it can provide certainty for developers and landowners. Knowing the conditions and restrictions upfront can help to avoid delays and unexpected costs down the track. It can also help to ensure that the development meets the council`s expectations, which can streamline the approval process.
However, it is important to note that Section 173 Agreements can also impose significant restrictions on land use and development. For example, they may require a developer to provide public infrastructure or limit the number of dwellings that can be built on a site. This can impact the profitability and feasibility of a project, so it is essential to understand the implications of the agreement before signing.
In conclusion, if you are involved in a land development or construction project, it is essential to understand the role of Section 173 Agreements. Seeking legal advice from experienced lawyers, such as those at Maddocks, can help to ensure that the agreement is fair and reasonable and that your project runs smoothly.
