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5 Tips to Remember When Buying a Property

Commercial Law

 

With interest rates at historic lows, a lot of our clients are looking at opportunities in the property market. Atkinson Vinden have helped hundreds of clients over the years to purchase and sell properties. Here are some helpful tips to assist you in the process of purchasing a property.

  1. Ensure you have done your homework including checking with Council regarding any proposed developments or building works nearby. Sometimes there is a back-story to a property that will change how you feel about it.
  1. If you are buying at auction, have your solicitor or conveyancer review the contract prior to auction to check the title and certificates attached to the contract before you bid on the property.

Whether you’re buying at Auction or by private treaty you should always review the contract and check the title to ensure there are no restrictive covenants on title that may affect your intended use of the property. This is part of the wider due diligence process. You should also consider having the property surveyed or if your building is an old building, consider having an architect or licensed builder inspect the property. Doing so may prevent you from having problems with your house after purchase.

  1. Attend auctions to understand the process if the property is to be auctioned. You can expect that other people bidding at auctions will know the game, and so you need to know what the rules are, and how things are likely to play out.

Remember that whilst buyers are generally afforded a 5-day cooling off period (when purchasing by private treaty), the same does not apply if you purchase at an auction. This makes it even more important to do your due diligence on the property before bidding on it at auction.

  1. The contract exchange is a critical point in the sale process. There are no additional buyer’s rights after home inspection. Until the contracts are exchanged you and the seller are not legally bound unless you are purchasing at auction. Make sure you have done all your homework before contracts are exchanged.
  1. If attending an auction, bid with your head not your heart and if necessary take someone with you that will remind you of this half way through the auction so your emotions do not override your budget.

Keep posted for more helpful tips to assist you in understanding the process of buying a house.

Purchasers: If you have more questions about home buyers rights or protection laws, get in touch with one of our team today.

Sellers: If you are a seller, and want to know more about seller’s rights when selling a house, keep posted for more tips on the AV website. Alternatively, get in touch with one of our Property Law team members for assistance.