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Doing your home work

Often called 'due dilligence', doing your homework on a property before you lock yourself into a deal ensures peace of mind.

So you’ve found the perfect home and now it’s time to look seriously at what you are actually buying. Here are some key things to check out

Obtain a LIM
Ask the vendor if they have a Land Information Memorandum available. If not, obtain one yourself (or through your lawyer) and check for any major issues pertaining to the site.

Check zoning
Look for zoning restrictions and any zone changes near your boundaries. The last thing you want is a factory going up next door!

Code of Compliance
If previous owners have carried out any renovations, make sure the building has a council code of compliance.

Chattel inclusions
Establish exactly which chattels and fixtures will remain. There is nothing worse than looking forward to that lovely hot spa, only to find the previous owner has taken it with them!

Title details
Always check the title. You need to know if this is freehold, leasehold or cross lease etc. You also need to know if the vendor is still waiting on title to come through from council (often the case with new developments etc).

Site boundaries
Ask the vendor to show you the exact boundaries during your initial inspection to avoid any nasty surprises later on.

Terms of sale
In a private sale, there is a lot of flexibility to negotiate the terms of the contract so, as the buyer, look to create a ‘win-win’ situation for both parties. With a tender or auction, the vendors may also be open to considering an early offer.

Last but not least…..price!
Ask the vendor if they are negotiable on price. They will soon tell you if they have left any room to move in their pricing.

To provide peace of mind when buying property, have your lawyer thoroughly check any agreement before signing it.

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