Buying A Property

Generally it is our strong recommendation that prior to exchanging contracts or bidding at an auction you should first obtain:

  • a building report on the property;
  • a pest report for the property;
  • have an unconditional loan approval from your lending institution and;
  • have the contract checked by a solicitor with experience.

If you are buying a strata title property then it is most important that you obtain a report on the affairs of the Owners Corporation prior to exchange.

Things to Check before Proceeding

When you purchase a property you do not have the benefit of any "warranties as to quality" in the contract. Accordingly if you discover any structural or other defects in the property after exchange then you will probably have no right to compensation and no right to get out of the contract. On the other hand the contract does contain "warranties as to title". In other words if you discover after exchanging contracts that the title to the property is other than as represented in the contract then you may have the right to rescind and have your deposit refunded, or you may have the right to claim compensation.