What questions should buyers be asking when looking to buy?
Buyers need to ensure they thoroughly investigate the property they are buying. Has there been any past or recent renovation work completed? Does the recent bathroom revamp have plumbing certifications? Does the existing or new deck have council’s approval? Do you need to include special conditions? Do any property searches need to be obtained before Auction Day or before a due date to satisfy a contract condition?
What's the most important thing to consider when buying a property?
Your intended use for the property, your purchase structure and your financial arrangements. What name or entity do you require the property to be registered in? Is your self-managed super or family trust properly set up for the purchase? How does running a shop-front out of your home (e.g. a hair salon or a personal training gym in your garage) affect your stamp duty? It’s important to ensure you obtain advice from your accountant with regards to the purchase. You should also discuss your finances with your broker before signing any contract as well as ensuring all bank, legal and government costs are taken into consideration.
What's the most common mistake?
Buyers often don’t look for a solicitor for conveyancing until after their contract is signed. This is a risk in itself as it means that any questions or personal arrangements buyers may have for the property may not be considered or dealt with in advance of being ‘locked in’ to the contract. Many contracts include special conditions and quite often they are drafted without a solicitor’s assistance - which buyers then later find out are either not sufficient or create loop-holes in what they otherwise intended to be a binding agreement. We are more than happy to assist buyers and property owners with contract advice and conveyancing needs and look forward to their call to discuss this with them.
Aylward Game Solicitors
Level 4, 183 Wickham Tce, Spring Hill
P 3236 0001
