Buying A Home – What You Need To Know

Have you just seen the home of your dreams? If you have, you probably know exactly where the couch will go, which bedrooms the kids will have, where you’ll put the cat door and what renovations you want to undertake. We’re here to help convert those dreams into a reality.

Buying a home is one of the most significant purchases that you will make in your life time. You need to be sure that what appears to be your dream home, is not hiding a multitude of sins. Before you sign the contract for a new home, consider making it conditional on the following:

1. Title. It is essential that the purchase of the property is conditional upon your lawyer searching and approving the title to the property.
2. Land Information Memorandum (‘LIM’) Report. A LIM Report is produced by the local council and includes details of:

• existing and outstanding code compliance certificates in respect of work done to the property;
• whether there are any local council requisitions affecting the property (such as building compliance, outstanding drainage issues, etc);
• details of zoning for the property; and
• any other information that they may hold resulting from property inspections.

Without obtaining a LIM Report, you could by inadvertently assuming somebody else’s problems, which often don’t come to light until much further down the track and can be very costly to fix.

4. Builders Report. A Builders Report is usually carried out by a registered builder or a property inspection company. They range from approximately $400 – $600, but in comparison to a value of the asset that you are buying, in our experience it is well worth the cost. After all, you wouldn’t buy a car without getting it AA checked first.
5. Finance. If you are relying on a bank loan to complete the purchase, and you do not have written approval for that loan from your bank, you will need to make the contract conditional upon finance.
6. Valuation. Your bank may require you to obtain a valuation before approving your finance.

Most importantly the best way for you to be sure that the agreement you’re entering into protects your rights and interests, is to have any purchase agreement checked by your lawyer before you sign.

If you have a contract ready for signing, then give us a call on 04 970 3600 and we will be happy to talk it through with you.[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]