Buying Property

Buying Property

At BConveyancing.co, we strongly advise our clients to take definitive steps before exchanging contracts. This includes obtaining a thorough building report and a pest inspection report for the property under consideration. We also recommend having an unconditional loan approval from the respective lending institution. Furthermore, we suggest having the contract reviewed by a solicitor with relevant expertise.

For clients interested in purchasing a strata title property, obtaining a strata report on the affairs of the Owners Corporation prior to the exchange is of paramount importance.

When purchasing a property, please be aware that the contract does not provide any “warranties as to quality”. This means that if you discover any structural or other defects in the property after exchange of contracts, you will not be entitled to compensation or to withdraw from the contract. We always recommend to our clients that they go through the property thoroughly before exchange, turning taps on and off, checking the hot hot-water system, making sure that the oven or air-conditioning is in working order, etc.

However, the contract does include “warranties as to title”. This means that, if the property is found to be different from the representation in the contract, you may have the right to rescind, have your deposit refunded, or possibly claim compensation.

At BConveyancing.co we offer a free contract review to all new clients for the first contract we review for you. If it is urgent, we can usually get back to you on the same day or next day. So, if you are planning on attending an auction this weekend, or just want to know more about the property you are looking at before you make an offer, do not hesitate to contact us at BConveyancing.co.