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  • Writer's pictureAnthony Short

Are You Considering Buying a Home or Land?

If so then these are some of the things that you should be thinking of to assist in the process:

Once you have found the ideal home or land, whether via an agent or direct with the vendor (Seller) you should contact your solicitor early in the process so that the proposed sale of land contract may be carefully considered for any particular legal issues that may need to be dealt with early (for example planning issues easements or restrictions on the use of land).

Are you paying a deposit with cash or deposit bond? Would you prefer a 5% deposit as opposed to a 10% deposit?

You should be in contact with your tax/financial advisor in the early stages to ensure the correct purchasing entity is used and the GST treatment is correct for instances where the purchase is for business or investment purposes (for example investment trust or self-managed super fund).

Your finance (unconditional finance approval open for 6 months) must be an early consideration and that logistical matters such as the timing of moving and booking removalists is timely.

You should consider matters of property quality such as obtaining a building and pest inspection report, obtaining a Final Occupation Certificate from the seller, electrical/plumbing/contamination/geotechnical (soil volatility etc) and survey reports (boundaries identified and encroachments noted) where applicable.

Please ensure the property has its own unimpeded access to a public road or if via a neighbouring privately owned property then there is a legally acceptable agreement in place that can be relied upon for future access.

You should work with the agent and your solicitor to understand precisely what is included in the sale price and what is excluded.

You should work with your solicitor and local council to enquire on matters such as zoning, building requirements, development control plans, water catchment zone restrictions, heritage issues, proposed developments in the vicinity, utility installations, flood related controls, tree orders, proposed roads or widening, scenic area restrictions on building materials, discussions as to your intended use of the property and if that use is permitted or not.

The purchase process should be interesting and informative to the purchaser, not complicated or scary! Do not hesitate to approach Blackwell Short on (02) 6393 9200 to assist you in the purchase of your next property.


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