Helpful Tips

Not sure what you should be aware of when selling and/or buying. We have put together some tips to help you through the process.

  • Have your Valuer supply a copy of the title as it will generally be cheaper than getting it from your lawyer
  • Most Electricians and Plumbers will inspect the electrical and plumbing services for you for a modest charge. It is worth it to ensure there are no nasty surprises!
  • If you don't get a builders report done, you need to have a look in the ceiling to confirm if insulation is present & if it covers the whole ceiling area.
  • Ask your lawyer to fully explain any encumbrances or interests recorded on the title.
  • Don't feel embarrassed about door knocking your potential neighbours to see what they are like; it's too late after you buy the place!
  • We recommend getting a LIM (Land Information memorandum) report from your local council but you need to allow enough time for this to happen.
  • It may pay to enquire with the local council to see what the time delay is for a LIM before signing the agreement.
  • If at all possible, get pre-approval from your bank to become a 'virtual cash buyer'. This could act in your favour when it comes to negotiating the purchase price.
  • Have your lawyer review the sale & purchase agreement details before you sign them OR make it "subject to lawyers' approval".

If attending a Mortgagee auction, you need to be aware of the pitfalls of buying under mortgagee conditions:

  • Chattels are not guaranteed as the bank doesn't own these;
  • You may not get vacant tenancy therefore you may 'inherit' existing tenants or the old mortgagor;
  • Condition of the dwelling is not guaranteed by the bank;
  • You may not get keys so may need to get a locksmith in urgently;
  • Liability for the property falls on you immediately the property is sold so you may need to change all locks immediately;
  • Some Insurance companies may not insure you as you don't have an 'insurable interest' in the property until you pay the full amount;
  • You usually have to pay a 10% deposit immediately on the sale of the property;
  • You need to pre-arrange funding if attending an auction;
  • You need to review the terms and conditions of the sale and purchase agreement as they are different to a standard agreement.

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