Share your Due Diligence Checklists, heres a few i found useful
Compare lenders. Consider more than just interest rates. Redraw facilities and the ability to make extra repayments can save you money.
Pick a lender and obtain pre-approval for a loan.
Choose where you want to live and obtain details of recent sales there from the Home Price Guideâ„¢. See http://www.homepriceguide.com.au or call (02) 9339 8200 (Sydney) or 1800 817 616.
Inspect properties through newspaper advertisements and/or agents in the area.
If interested in a property ask for a contract and refer it to your solicitor or conveyancer to check special conditions, encumbrances, etc.
Conduct at least two inspections at different times to check out noise and traffic.
Before deciding to buy and ask the vendor for details of council and water rates.
Check the contract’s sewerage diagram to ensure all connections are shown.
Once you have negotiated a purchase you can pay a non-binding holding deposit as evidence of good faith. The balance of the 10 per cent deposit is payable on exchange of contracts.
Contact your legal adviser to go over the contract in detail.
Organise a building inspection and timber pest report, and survey report if necessary.
Advise your lender of the purchase. When it has approved the property, your solicitor will exchange contracts.
Arrange building insurance to protect yourself and to satisfy your lender.
Ascertain completion time for the contract and book a removalist.
Your solicitor will ask you for the stamp duty before settlement.
When a firm date has been set for settlement, arrange power and phone connections, newspaper delivery and house contents insurance.
Notify your change of address to the RTA, NRMA, car insurer, medical fund, union or association, electoral roll, etc and get post office to re-direct other mail.
Arrange home contents insurance to protect your personal belongings.
Conduct a final inspection with the selling agent the morning of the settlement to ensure the vendors are moving out and that the inclusions in the contract are there
Ask if the vendor has a council building certificate and survey. These give only limited protection, but the survey will show if the building is properly within its boundaries.
Look for obvious problems: cracks in floors and walls, silicone slapped around shower recesses, evidence that moisture has damaged finishes, rusting gutters and downpipes, shoddy workmanship, flaking or bubbled paint, poor drainage outside.
Have a close look at the condition of the kitchen and bathrooms these are the most expensive rooms to renovate.
Look under the kitchen sink for water damage to cupboards. Open all cupboard doors and turn on all taps and stove elements.
Visit the property at different times of the day. Is there a noise problem from aircraft or traffic? Does the property get enough sunlight throughout the day?
Check the sewerage diagram and make sure all the connections in the dwelling are on the diagram. If they’re missing, they may be illegal additions.
Ask the local council whether any developments are planned for the area such as factories, new roads or power lines. Is the area subject to bushfire, flood, erosion or landslip?
Look at the certificate of title and deposited plan in the contract for any easements, restrictions, covenants or other encumbrances.
Be wary of tasteless modifications. It costs to undo them as well as replace them.
Good one Brendan. Sometimes it seems you are 16 going on 46……[hmm]
Gotta wonder![wink2]
Redhaven.
LOL aw wat how did you know [blink]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
