We have made a list of issues we recommend you consider when looking to purchase a property, based on our many years’ experience in this field.
Enquiries to make when purchasing property – Apart from the due diligence carried out by your conveyancer, you must make and rely upon your own enquiries when purchasing property prior to entering into the Contract for Sale. The Contract contains your entire agreement with the Vendor and you cannot rely upon the representations made by the agent or the marketing material. Some general enquiries would include:
- Do the by-laws prevent the keeping of an animal?
- Is there any nearby development which may impact upon your views or use and enjoyment of the property?
- What financial return will you receive from leasing the property?
- Are you entitled to a parking permit from Council if the property is located within a parking permit area?
- Is the property within the defined local enrolment area for the school that you wish your children to attend?
Inspection of the property prior to entering into the Contract – Things to take note of when inspecting the property:
- Have there been recent obvious alterations and additions? For example, a new kitchen or bathroom.
- What inclusions should be noted on the Contract apart from the obvious? For example, dishwasher, insect screens, remote controls for air conditioners and garage doors.
- Please check that the appliances included in the sale are all in working order.
Is the strata unit you are purchasing subject to a strata renewal plan for the collective sale or redevelopment of the strata scheme?
This is particularly relevant where there is proposed rezoning in the area or where the building and surrounding buildings are older.
Please contact our Property Law Team if you would like to understand any of these issues in greater detail.