No products in the cart.
Buyer beware! Conditions to consider before purchasing a property
When it comes to purchasing a property, there are many factors to consider before taking the plunge. This can be a daunting task for both first-time home buyers and seasoned investors alike. Thankfully, with careful consideration, due diligence and conveyancing advice, you can avoid costly mistakes and make an informed decision. To help you with your next property purchase, here are special conditions to consider in a contract before you buy a property.
Always sweat the small stuff
Pay careful attention to fixtures, appliances and furniture in the house when inspecting. Think about what you expect to be included, right down to the smallest details. This includes appliances, equipment and semi-permanent fixtures both indoors and outdoors. Think about dishwashers, washing machines, solar panels, curtains, blinds, firepits, gazebos etc.
There are no guarantees
When purchasing a property, you won’t know the age or condition of appliances or equipment. There are no guarantees that everything in the house works. Make sure you inspect all inclusions to check they are working. This includes the air conditioning, oven, cooktop, dishwasher, washing machine, solar panels, hot water system and pool pump.
Consider including a warranty clause in your contract guaranteeing that these including will still be working on settlement, especially if you have a longer settlement period.
Get verbal promises in writing
Pay attention to what the real estate agent says to you. Ask them to put anything important in the contract, including statements like “this will be fixed prior to settlement”, or “the unit has two allocated parking spaces”.
Tread carefully when tenanted
Whether a property is tenanted or not can impact on your first home buyer benefits. It’s always better to have tenants vacate the property prior to settlement.
Cleaning isn’t a given
Remember that the seller has no obligation to clean the premises. If bond cleaning is important to you, insert a special condition requesting it specifically.
Vigilance is diligence
All due diligence needs to be completed before settlement. While Avis & Funk Law do some due diligence, this only applies to the property itself and not your surrounds. If they are building a new high rise next door, we will not know.
Furthermore, our investigations are focused on legal issues and securing a ‘clear title’ for you as the buyer. We do not look at whether the property is ‘good’. While we can help if you have specific questions or concerns, general due diligence is better when conducted by a buyer’s agent or other professional.
Remember! The seller is at their most cooperative before you sign the contract because they want you to buy. If you have any concerns, act now! When purchasing a property, ask for documents and information upfront, rather than later.
Schedule your settlement
The most common settlement periods are 30, 45 and 60 days, but they can be customised to suit your schedule. Think about which day of the week is best for you. Is it best to move on a Friday, so that you can spend the weekend cleaning your previous home and unpacking in your new home?
Once you’ve decided what days best suits, pick a specific date and add that as the official settlement date. If negotiations drag on and the contract is not signed for several days, ask to have the date amended to ensure that you still have enough time to prepare for settlement.
Purchasing a property? We can help!
Most importantly always seek legal advice before signing your contract! Avis & Funk Law offers a range of property, development and conveyancing services including residential purchases and sales. If you are planning on purchasing a property, our Gold Coast legal team will ensure your property transaction runs as smoothly as possible.
