Your house is probably your largest investment.  It is critical when buying a property that you get it right. Come and see us  or get the agent to provide us with a copy before you sign the sale and purchase agreement. Once the agreement has been signed there is little a lawyer can do to “get you out of” a bad agreement  or protect you from unexpected problems with the property or the agreement.

What do you need to check?

Title-This should be done by your lawyer. There are a number of things that can affect titles and restrict your use of the property, such as  easements, consent notices, building covenants and building line restrictions. Unless you have the title searched you will not know what restrictions apply to the property you want to buy.

Council Requirements- The best way to do this is to get a land information memorandum ( LIM report) from the council. A LIM report contains information such as building consents for the property, Council requisitions, archaeological sites, known hazards and  planning rules. In particular a LIM will assist you in detecting any unpermitted works on the property.

An alternative is to search the Council property file yourself. There is a small Council charge for this. A LIM is preferable as it contains more information relevant to a property than just the property file.  

Building reports- A report from a property inspector is important both for new and old homes. The recent problems with “leaky buildings” highlight the importance of these reports.

Engineering issues- Is the property on a steep bank or does it have a large retaining wall? This information will often, but not always, be contained on the council files or in a consent notice registered on the title.

Finance-make sure that you clearly understand what the bank or broker is offering you. Check what conditions are imposed on the offer of finance.

Cross leases and Unit titles-These are more complex ownership structures that the more common freehold section and require additional checks such as the terms of the cross lease  or the body corporate rules.  Alterations and additions to buildings on these properties can create major problems.  We strongly recommend you see your lawyer before you agree to purchase any property of this type.

Finance- We can advise you on the terms of your loan and mortgage and help you structure your finance appropriately.

Ownership structures-we can advise you on the best way to purchase your property-tenants in common, joint tenancy, via a trust or company.

We then attend to the conveyancing steps required to ensure you “get what you paid for” and get registered on the title.