Confused by the conveyancing process? The team at Callea Pearce Lawyers explain this important part of a real estate transaction. An instructional video that covers what buyers should look out for before signing the contract, after signing and post settlement.
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✓ Is a planning or building permit required prior to starting the works?
✓ Give tradespeople a scope of works specification including preferred materials, otherwise shortcuts are likely
✓ Should a certificate of compliance be issued on completion?
✓ Do the tradespeople have insurance including public liability insurance? Sight the insurance policy
✓ Do not complete any works that can only be performed by licensed tradespeople
✓ Before beginning works check if any asbestos will be interfered with
Enjoy a better lifestyle and buy this checklist!
✓ Always seek independent accounting, financial and legal advice before buying
✓ What is the quantity of stock, how current is it and how will it be valued?
✓ What disclosure statements must the vendor provide to you and the franchisor if applicable?
✓ What restraints will there be on the seller?
✓ Does the proposed use comply with statutory requirements and your intent?
✓ Intellectual property; identify business names, copyrights, patents, trademarks, trade names, software and databases
Asking the right questions will lead to success!
✓ Can the property manager provide you with a written comparison on rental values in the market?
✓ Will the property manager be using a database to check the credentials of the tenant?
✓ Will the property manager be giving out the key without accompanying a prospective tenant to inspect the property?
✓ Is their sufficient smoke detector alarms and are they operating?
✓ If a pool or spa is on the property does it comply with regulations in regards to fencing?
✓ Insist on a pet clause and increased bond if tenant has pets; meet the pet
It pays to invest in sound advice!
✓ Look for a builder who offers a structural guarantee to protect your investment
✓ Use a contract that complies with the legislation of your jurisdiction e.g. one provided by a peak industry body
✓ Ensure you have an accurate building contract, plans and specifications. All important documents should form part of the contract
✓ Choose your own building surveyor (not the builders) to ensure independence
✓ Make sure the builder has confirmed the site is suitable for the proposed work and has obtained foundation data and a soil report
✓ Be careful of builders changing the specification to a lower quality material, fixture or fitting
Get the paperwork right & the rest will follow!
✓ Minimalist strategies both internally and externally; remove all clutter
✓ Real estate web portal advertising; how low will your listing fall during sales period?
✓ Once property has been listed for sale check input of real estate web portal advertising. Your property should appear on all logical searches
✓ The highest amount of buyer inspections occurs in the first few weeks of the marketing campaign. It is important that the property is not overpriced
✓ Auction method should only be used in a high demand location, buoyant markets, a property that has scarce and unique features
✓ Keep your valuables out of sight during buyer inspections
Add many thousands to your selling price!
✓ Become familiar with the relevant real estate advertising web portals and register so that you can receive email alerts
✓ Check with lender regarding minimum floor area requirements if buying an apartment
✓ Check what concessions apply in your situation e.g. stamp duty, first home owner grants, pensioner concession etc
✓ Always register your interest on a property via email to the selling agent. This will ensure it doesn’t sell without you being notified
✓ Do your figures taking into account legal costs, stamp duty, pest and building inspections, lender’s mortgage insurance and bank application fees etc
✓ See an accountant or financial planner to discuss which entity the property will be purchased in. e.g. personal name/s, trust, SMSF, company
Sound preparation will lead to a successful outcome!