Property purchase conditions and searches
Updated: Jun 30, 2019
Whether you are buying your place of residence or an investment property, buying a home is a big deal. Where possible, we suggest you contact us to review your contract before you sign. This is to ensure that the contract has been completed correctly and that your interests are protected before you are locked in.
If you're considering a property purchase, we suggest contacting a bank or broker to arrange finance pre-approval. This will give you a reasonable idea of your borrowing power and enable you to narrow down your property search within your budget. It is important to note that pre-approval does not necessarily guarantee that you will receive final approval as the bank is required to carry out a number of additional checks before finalising the loan. As a result of this, if you require finance from a bank to complete your purchase, you should ensure that your contract is subject to finance approval, even if you have received pre-approval.
Building and pest and swimming pool inspections
Before purchasing a home, you should arrange an inspection of the property. The most common types of inspections for residential purchases are building inspections, pest inspections and swimming pool inspections. You should ensure that your contract allows time for you to arrange these types of inspections. However, if you are purchasing at auction, the inspection should be arranged before you sign a contract on the property, as special conditions will normally not be included in your contract. Under the standard terms of the contract, the buyer also has a right to inspect the property 1 to 2 days prior to settlement to ensure that the property remains substantially in the same condition as it was when initially viewed. This is also an opportunity to check that anything agreed to be left in the property under the contract, remains in place.
What searches should I do?
The types of searches that you should carry out when buying a property depend on the circumstances. At minimum, we would recommend a title search, survey plan, land tax, Council rates and water search. If you are buying a unit or apartment in a body corporate, in addition to those searches mentioned above, we would also recommend carrying out a search of the body corporate roll.The searches we recommend will also depend on what you are planning to do with the property you are purchasing. For example, if you are planning to put an in-ground pool in, you may require a search to determine where the plumbing runs under the property.
Contact us on 07 3088 7925 or firstname.lastname@example.org to see how we can help with your property purchase.