Buying a property is likely to be one of the biggest financial decisions you will make in your life. It is imperative that you understand your legal rights and responsibilities so that you don’t put yourself at any risk. The following article will list some of the top things recommended by our Conveyancing Lawyers to ensure that your dream of owning your own home doesn’t turn into a nightmare!
Prior to signing any contracts you must ensure that you have a Conveyancing Lawyer check it. It is highly recommended that you:
- get a building and pest inspection report
- a strata report if purchasing a unit
- measure the boundaries
- make sure the property complies with local building codes
If you are purchasing off-the-plan make sure that the contract sets a firm date by which the property must be completed. Your Conveyancing Lawyer should thoroughly review and check the contract to make sure that it reflects your interests and requirements.
Although it is legal for the buyer and seller to use the same Conveyancing Lawyer for the sale and purchase, the Australian Institute of Conveyancers does not recommend this practice. Your Conveyancing Lawyer should be your sole representative in the conveyancing process and their goal should be to protect your interests only, which avoids any conflict of interest. It is therefore advisable that you seek independent legal advice to that of the seller and vice versa.
REAL ESTATE AGENTS
As the purchaser of a property you must remember that the real estate agent is acting on behalf of the vendor. It is a good idea to seek legal advice from your Property Lawyer Sydney during the pre-purchase phase to explain the process and the terms of the contract and negotiate any amendments that are required in your best interest.
Research the neighbourhood
It is imperative you research the neighbourhood. Use the internet to check out the council’s website to see what services are like in the area. Where are the Parks? Transport? Medical Facilities? Schools? Drive by the property at all times of the day to get a feel for the neighbourhood. Talk to neighbours. Do all the research you need to make sure that you are making a good choice not just in the house but also in the neighbourhood. Buying and selling a home can be a costing and emotionally draining exercise so you want to be sure of your decision on all fronts prior to leaping in. Feel free to contact one of our Conveyancing Lawyers for further information.
Level 2, 275 Clarence Street, Sydney NSW 2000
Phone: (02) 8084 2764 | Fax: (02) 8079 6843
This article is not legal advice and not intended as legal advice. This article is intended to provide only general, non-specific legal information.