Hi All
I am currently looking at some free standing houses in a small village in NSW, they were mostly built around the early 1900s-1930s.
The block sizes are between approx. 700m2 through to 1300m2.
My question is, when we decide on a property we want to put an offer on, Is it necessary to get a professional to survey the land (i think thats the term- like to check the boundaries, fences, gates etc are in the right spot and theres no encroachments)? Or is this more a thing that the solicitor does just purely by looking at plans, etc and not actually going to the property to inspect anything? (Is that sufficient?)
Also I understand its important in most cases to get an independent building inspection done, should I also get a pest inspection? Or is this more for high risk areas, and how do I tell if an area is of high risk? (The area I am looking at is near Queanbeyan and Bungendore – NSW , close to Canberra.)
Any help/advice is appreciated!
Thanks all.Hi
Once you decide which property or properties you want to make an offer on you inform the owner or the agent of a price your willing to pay "the offer" most people make it subject to finance building and pest inspection.
This gives you a pull out strategy if you find later that the house needs major repairs is termite infested or your Bank wont accept the property for mortgage.
It also gives you a bargaining point to ask for a price reduction due to the need for repairs to be carried out etc
Once your offer has been accepted most agents will ask for a deposit , you can give $500 up to 10% of the total offer price. They will issue you with a sales advice/ offer contract which must have the councils property /sererage plan attached.
You need to also give the owner or agent the name and contact details of you solicitor conveyancing agent. I use the same Solicitor/conveyancing agent who lives locally to me and who has become familiar with me and my investments . From this time onwards you conveyor should handle every thing in consultation with you.
They will Contact the agent and the vendors solicitor conveyor and they should arrange for the following checks to be carried out before you sign any contract
1 pest inspection
2 building inspection
3 Property Survey
4 local water electrical authority search to see if any thing is owed
5 Title search to see if any liens or mortgages exist over the property or any other issues that might affect the purchase of the property example Divorced deceased estate.
6Council certification.. this is optional and is a notice from the council that no unlawful structures additions or any other issues are pending before the council.
7 they will also calculate the difference in the cost of the rates owed over the property so that you are only paying a proportion of the rates from the date you take possession.
8 They should arrange and calculate the taxes and duties to be paid over the property
9 your Solicitor conveyor should explain and go over the contract of sale with you and ensure that every and all checks are carried out and you are satisfied with the results and are still willing to proceed with the sale before signing.
Once you sign and the vendors solicitor receives and has the vendor sign the contract you have in most states an agreed date of settlement NSW 42 days from exchange of signed contracts, but you can negotiate any length you and the vendor may both agree on longer or shorter settlement date…
remember you should have already arranged finance over the property and have an unconditional agreement with the lender to provide the funds before signing the contract.
Your solicitor conveyor will receive from your lender the funds loaned and will disperse these funds to pay any and all obligations due etc etc
its may sound complicated and I may not have explained it properly but its always a good idea to have all the checks done and searches made before you actually sign the contracts as you have in most states a 5 day cooling off period from the date you exchange contract to with draw with out penalty.
So best thing is sit down with your solicitor and talk about your intentions so they are ready and also they can explain things to you clearly .
PS
Good luck !
Thanks all.
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