Checklist for buying a property
Make sure you have:
- Worked out your budget
- If you plan to buy at auction, arranged a pre-approved loan. You cannot make the contract of sale subject to finance without the vendor’s agreement if you buy at auction.
- Selected your preferred location.
- Worked out what features you want in a property (for example, number and size of bedrooms). If you are considering a flat, apartment or unit, you should also refer contact us for a checklist.
- Inspected similar properties in the area and checked sale results in newspapers and online to find out how much they sold for.
- Understood the differences between a private sale and an auction.
- Established if the property require a building inspection. If buying at auction, make sure you get the inspection report before the auction, as you cannot put conditions on the contract of sale at an auction without the vendor’s agreement.
- Worked out if property requires a pest inspection. If so, make sure you get the results before auction, as you cannot put conditions on the contract of sale at an auction without the vendor’s agreement.
- Your legal practitioner or conveyor checks the section of vendor’s statement and the contract of sale.
- Developed a strategy for bidding at auction or for making an offer for a private sale.
- Asked the agent about any items that appear to be fixtures of the property but could instead be items (personal chattels), which the seller may remove at settlement.
- Organized your deposit, so you can pay when required by the agent.
- Checked all items you believe come with the property are in good working order and stated on the contract of sale.
- Checked those items on final inspection.