- Hi,
I am intending to put in an offer for a unit that was passed in at the auction yesterday. It was built 18 months ago. I have a few questions and I hope to get some advise as this is the first time I am purchasing a property.
1) Should I get a conveyencer/solicitor to take a look at the contract of sale before I make an offer?
2) The contract of sale stated that the 3-day cooling off period does not apply if the property is purchased within 3 clear business days before of after a publicly advertised auction. Does this mean that if I put in an offer tomorrow and the vendor accepts it, I will not be able to terminate the contract?
3) Should I add a 'subject to building inspection' clause and have a building inspection done even though the unit is near new condition? If so, should the building inspection be completed before I sign any contracts?
3) As the unit is near new, should it come with some form of building insurance from the builder?
4) I noticed that the body corporate meeting minutes was not attached, should I request a copy from the agent?
Thanks.
cheers,
Corinne1 – Yes, get the solcitor to have a look at it
2 – Yes the cooling off period does not apply until 3 business days after the auction – in which time the agent will still be trying to secure a deal with any of the bidders at the auction or people who inspected & took a contract. So if you wait until the cooling off period comes into force again, you may miss out.
3 – If there is no cooling off, subject to building inspection willl hold no water. Afterwards, a correctly subject to (as advised by your solicitor) will be valid.
3 – There should be some form of home owners warranty 6 or 7 years (depending upon the state). If it is multi-storey, then an exemption from HOW may apply.
4 – It is unusual for the minutes of the BC to be included in the contract however the solicitor should be able to review these at the Strata managers office.
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