5 Top Tips on Buying Property: For both Seller & Buyer!
1. Seller’s take note – When you’re engaging in a contract to sell residential property, remember you do NOT have a cooling off period. Only the buyer has the prescribed “5 business” days cooling off period.
2. Both parties – triple check that the purchasing entity is correct. Here at Hatzis Lawyers, we recommend you talk to your banker or accountant before you sign the contract to make sure the purchasing amount is correctly described.
3. Contact your conveyancing & property lawyer at least 7 days prior to requesting your real estate agent to begin marketing the property – This way your conveyancing lawyer will have more than enough time to obtain the important “Vendor Disclosure” documents from the various Government authorities.
4. We cannot tell you how many horror stories we have heard after purchasers did not seek a building and pest inspection. We recommend a purchase contract be made conditional upon a building and pest inspection. Remember a few hundred dollars spent could save you thousands after you have already purchased!
5. Make sure you have organised your insurance! Generally, purchase contracts will be at your risk from the contract date. Therefore, it is crucial that you have appropriate insurance in place in the event the property is damaged or destroyed.
We hope this quick read has helped remind you of a few essential aspects of conveyancing to consider when buying property!
📲 Feel free to contact Hatzis Lawyers for further information or to begin your conveyancing process.