With interest rates at a record low, you’re probably eager to purchase that dream home or investment property.

Attention property buyers: you now have more legal rights

With interest rates at a record low, you’re probably eager to purchase that dream home or investment property.

But remember: when it comes to big financial decisions, it’s critical to stay informed – and to be fully abreast of your legal rights.

Did you know that, from 1 October 2014, all vendors or estate agents must prepare and provide a Due Diligence Checklist to prospective purchasers? This checklist is designed to inform you of any issues that may affect the property you’re interested in – and of any restrictions or obligations that may affect you if you buy it.

In other words, you’re now legally entitled to greater transparency than ever before.

However, the checklist is a starting point only. Professional advice is a must. That’s why you should contact Steven or Simon before signing anything. We’ll protect your legal rights from the outset.

We’ll also open your eyes to a range of other issues that no property buyer should ignore, such as:

  • Grants and concessions: If you purchase a newly-built home, you may receive a $10,000 first home owner’s grant. You may also be entitled to a 50% saving on your stamp duty.
  • Asset protection: Consider asset protection from the start. If you do not carefully consider who will legally own the property, you may incur tax unnecessarily.
  • Special conditions: Poorly drafted special conditions can lead to dire consequences. Any additions or variations to a contract need expert legal attention before signing.
  • The cooling-off period: The cooling-off period lasts for three business days after the purchaser signs. And a ‘cooling-off’ fee may apply.
  • Owners Corporation obligations: You may be liable for repair and maintenance costs and levies as soon as you sign the contract. Also, be sure to review the Owners Corporation Certificate and AGM minutes.

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