When purchasing a property small oversights can lead to big problems in the long run.
Here are some of the nasty things that can happen:
On settlement you receive only one key despite there being many locks which require different keys.
When you go to do your final inspection on the morning of settlement you find that the vendors have barely started packing, or a tenant is refusing to go.
On doing your final inspection you find that the vendor has gone but squatters have moved into the property, or it has been vandalised.
At your final inspection you find that inclusions listed in the contract are missing.
At your final inspection you discover that the pool has turned green and hasn't been maintained since exchange of contracts.
On moving in you find you have been misled by the marketing material.
After moving in you discover there is serious active termite damage that your building report didn't disclose because it could only be found by tearing off Gyprock.
After living in the property for a while you discover you live next door to the neighbour from hell.
You plan an extension to the house but discover that there are big stormwater drains under the property for which easements were never created.
After purchasing a home unit or townhouse you discover that the owners have been deliberately keeping vital information about the unit out of the records of the owners corporation.
The full list of potential traps is large. Rushing to purchase a property increases your exposure to the possible risks. Proper "due diligence" is recommended and should minimise the risks.