Pitfalls faced by purchasers when looking to purchase a property

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This article is a reminder of the pitfalls faced by purchasers when they are looking to purchase a property.

A proportion of purchasers don’t know what they need to do to place themselves in the best position to buy a property, especially with the current market running at such a fast pace.

They do not understand the difference between an auction or a purchase by way of private treaty. They don’t know what a s66w certificate is. They also don’t know that they should have finance in place prior to attending an auction to ensure that they can buy the property of their dreams.

Some may not be aware that for specific properties (i.e. house, villa, unit, townhouse) they may need to obtain building, pest or strata inspection reports.

They may also need to obtain a survey report of the land to ensure the house is within the boundaries and a council building certificate to ensure that the house and other improvements on the land were all built with council approval.

They will see a large terracotta pot in the front yard and think that it is included in the purchase of the property, but later find out that it is a specific exclusion under the contract.

Also, it’s possible that they aren’t aware they must pay a 10% deposit on exchange and this must be paid to the agent and can’t just be paid later.

All of these types of questions, which we all know need to be asked, are sometimes not even considered by purchasers. To ensure that the purchase process runs smoothly, they will need education from a knowledgeable agent, a well-informed and competent mortgage broker/banker and an experienced solicitor.

With all of this in mind, Solari & Stock Lawyers, in the lead up to the busy spring sales period, will be presenting a seminar primarily for purchasers, but also open to agents and brokers to provide a more detailed understanding of the issues that are faced by purchasers. Please feel free to pass on the information about our seminar to anyone you think would benefit from attending. Also, keep a look out for our advertising of the seminar in the Leader!