Pre-purchase checklist for residential property buyers

Before going ahead with your residential property purchase, we recommend you review this essential 9-point checklist.

The assurance you need

Before going ahead with your residential property purchase, we recommend you review this essential 9-point checklist. It will help you ensure you have considered many of the important legal issues involved.

Your 9-point checklist

  1. Should you purchase your property as an individual, a company or through a Self-Managed Superannuation Fund (SMSF)?
  2. Do you have enough funds to complete the settlement?
  3. Are you 100% clear on ALL conditions within the purchase contract and how each will affect you?
  4. Does anyone have a legal right to use your property after you purchase it?
  5. Are you receiving any additional ‘Goods’ with the property?
  6. Do you know your legal position if the property is found to have structural defects or if the vendor has completed illegal works?
  7. Has the property had any work done that required a building permit or insurance?
  8. Does the property have any easements or covenants that could prevent you from using the property as you wish?
  9. Is your property subject to an Owners’ Corporation, and are you clear on all your rights as an Owners’ Corporation member?

Of course, this is not an exhaustive list and it should not be viewed as formal legal advice. Residential property purchases can involve many complex legal, financial and tax issues. And every transaction is unique.

So please call Steven or Simon for expert guidance. They will assess your situation and give you the peace of mind you need before signing your contract.

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