Statutory means something that is required by law. In the context of property research, statutory refers to laws that govern the ownership, sale, and development of property.
Some examples of statutory requirements in Australian property research include:
- The requirement to obtain a building permit before starting construction on a property.
- The requirement to pay stamp duty when buying a property.
- The requirement to comply with zoning regulations when developing a property.
Statutory requirements can vary from state to state in Australia, so it is important to be aware of the specific requirements in the state where you are investing.
Here are some examples of how "statutory" can be used in Australian English in the context of property research:
- A property developer must comply with all statutory requirements before starting construction on a new development.
- A homebuyer must be aware of the statutory requirements for buying a property in their state.
- A property investor should seek legal advice to ensure that they are complying with all statutory requirements.
Statutory requirements are an important part of property research. By understanding the statutory requirements, investors can avoid fines and penalties and ensure that their investments are compliant with the law.