Are you still wondering about why you need to do your due diligence before buying your next home in NSW? With the property market booming like never before and investors, brokers and buyers like you scrambling to get into it, it’s important to have a fair idea about real estate due diligence. Going a long way in helping you deal with unwarranted legal hassles , reviewing the contracts on offer and sorting out property quality issues, a properly conducted due diligence makes it possible to freeze a sensible and informed purchase deal—in many more ways than one.
What to Look for in Your New Home?
Across NSW, it is rare to find property vendors that offer expert reports by engineers, town planners, builders and other authorities in regards to the quality of homes on offer. In general, information about the quality of the property are never included in disclosure documents or any contracts. You need to make your own enquiries through due diligence experts. These due diligence experts are usually commissioned to provide accurate reports on pest infestation, land survey, building or strata and whether all other requisite certifications are in place.
These findings come in handy when you seek advice from your lawyer when they are reviewing the contract.
Formulating a proper purchase strategy requires time, necessary inspections and an analysis of the due diligence findings –so plan accordingly.
The Contract—What should you Watch out for?
The contract outlines the rights/obligations of all parties and contains standard conditions linked to transfer documents, investment of deposits, requisitions on titles, late completion as well as errors or wrong descriptions. It also includes information on sewerage supply, title to the property, home building insurance proof, council zoning and a lot more. It is essential to have legal input on the contract, as the same will affect the nature and quantum of due diligence that you need to do. The amendments made after a careful consideration of the reports help negotiations and bring down the overall risks for you.
An experienced property lawyer like Greg Eliades will protect you from making costly mistakes and ensure that you get the results that you expect from your investment in your new home. By following the advice given by your lawyer you can avoid several pitfalls prior to signing a contract; and before it is too late!
All the best!
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