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Five Important Checks before Buying a Property at Auction

The majority of properties in the Sydney region sell at auction. If you have been in search of a house in Sydney, you might have heard of this too. This can be really difficult for buyers as they have to make all the necessary checks before making a bid at the auction. That is why Platinum Lawyers suggest that you hire a Property Lawyer in Sydney so your time and money is well invested in a property.

Here are the top 5 important checks to make before buying a property at an Auction:

1. Title:

Before even thinking about making a bid for a property, check the property type and its implications for example, if it is a:
– cross lease,
– fee simple
– unit title
– leasehold.

2. LIM report:

A LIM report is a file with all the information the council has for the property. This is often supplied by the real estate agent to save potential buyers the cost of purchasing one from the council. A LIM report contains information like Code of Compliance certificates and any outstanding requisitions.

3. Property file:

If you suspect un-consented work has been done on the property, you may want to go into the Council to do a property bag inspection in addition to the LIM. Property Lawyers in Sydney highly recommend this so you can view the plans and ensure they match what actually exists.

4. Builder’s report:

Get the expert opinion of a building inspector before purchasing the property. A building inspector does all the necessary checks on the property like the moisture tests and provides you with a detailed report in the end.

5. Finance:

Before committing at an auction, get finance approval in writing from your lender as a pre-approval. Then ensure you obtain the bank’s unconditional loan approval for the property you are going to bid on.

Contact Us:

Platinum Lawyers are your local property lawyers in Sydney who are here to assist you with all the property related queries and help you make a worthy investment. Whether you want to buy a property or sell it, we deal in all including estates, building, lands and houses. Call us now at (02) 8084 2764 for a free no obligations chat with our expert Property Lawyers.

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