If you’re going to spend a lot of money on something, you want to be sure what you’re buying is worth it.
Investing in property is something to be taken very seriously, as spending money unwisely can have some major consequences.
Not only can you cost yourself a fortune, you could be liable for things other people have done. Or not done.
Due diligence is something any serious investor should carry out, if only to protect themselves. As conveyancing solicitors Newcastle buyers and sellers trust, we know that the process can be complicated, but must be done.
Property Investment State Laws
In Australia, property regulations vary between states and territories.
This is an important fact to remember when thinking about investing.
Although the rules will be similar, don’t assume what applies in your state also does elsewhere.
Each state and territorial government have their own priorities, which could affect how you proceed.
There’s no point wasting time and money on things you can’t influence.
Buyers can get caught out by making assumptions.
Once you have signed an agreement, or even transferred money, this can be hard to reverse.
Obviously, property buyers want to put in an offer on an attractive proposition, but buyer beware.
If something looks like very good value, there may be a reason for it. People from the state or territory involved might be staying away for a reason.
Cooling off periods and compulsory disclosure are two good examples.
In some states, there is no cooling off period. Once you commit to buying, that’s it.
Also, you may not discover everything you needed to know about the property, as nobody is obliged to tell you.
Property Check List
As experienced conveyancing solicitors Newcastle people rely on, we know exactly what buyers need to look out for.
Bearing in mind the differences between states and territories, you should take care of a checklist.
Compliance is a word you will see a lot of. Due diligence means knowing what you have to comply with.
If you don’t, your property transaction will be in jeopardy.
Planning zone compliance is usually at the top of any buyer’s checklist.
Every local authority has strict rules about what can go on in any building.
Then there are building regulations, occupational health and safety, and planning permit compliances including advertising signs. These are just examples of regulatory compliance.
In terms of conveyancing, you’ll need to check out things like the actual dimensions of any land, and Crown grant restrictions.
If you’re planning on renting your property out, there will be a number of tenancy compliances to clarify.
This is just a taste of what due diligence means.
Call the Experts
If due diligence sounds complicated, it is.
To get it right, ring the conveyancing solicitors Newcastle property buyers come to. Give us a call on (02) 4951 8888, or visit our website at https://paulgowran.com.au.