Protecting Your Property Transfer Investment

Have you considered the necessary steps and due diligence you can undertake to protect your Property Transfer Investment, whether it is your First Home Purchase, Second Property Purchase, or if you are a regular Property Investor?

We are going to outline over a series of our blogs. – We want to make sure you have everything covered when investing hundreds of thousand of dollars in your Property Investment!

Today we are going to cover Step 1.

STEP 1

Once you have found the property that fits your needs and requirements, the Real Estate Agent will prepare the Sale and Purchase Agreement with your specified conditions and arrange negotiation with the Vendor directly.

 This will not be the case if you are purchasing Privately.

 The Contract may go backwards and forwards between the parties until agreement is met on the terms and conditions together with the agreed price.

 You should have your Agreement checked thoroughly prior to signing to make sure the conditions have been worded correctly and protect your interests.

 More importantly the conditions should cover the 6 “W” s.

v   What needs to be done?

v    Who’s going to do it?

v    Who is going to pay for it?

v    When does it need to be done by?

v    What is going to happen if something is discovered?

v    Who is going to pay to fix it and by when?

 OUR RECOMMENDED CONDITIONS

1. Conditional upon you obtaining and being satisfied with a Registered Valuation Report.
2. Conditional upon you obtaining and being satisfied with a Builders Report.
3. Conditional upon you inspecting and being satisfied with the property file held at the local  Council.
4. Conditional upon your Conveyancing Practitioners approval of the Title and encumbrances. This is especially important when purchasing a property that is a Cross Lease Title. We need to make sure the Flat Plans shows the correct dimensions of the dwelling and also that there have been no alterations that would change the dimensions.
5.  You can even order a Title Search from us directly online.               http://www.propertyconveyancingservices.com/online-title-      search-request-form.html
6. Conditional upon you obtaining and being satisfied with a Land Information Memorandum.
7. Conditional upon the sale of the property (address) for an amount and on terms and conditions satisfactory to you.
8. Conditional upon you obtaining Finance Approval sufficient to complete the purchase and on  terms and conditions satisfactory you.
9. The Vendor will at his cost arrange for a  commercial cleaner to clean the interior of the house  and have the carpets commercially cleaned prior to settlement date.
10. A warranty from the Vendor that the dwelling and property including the lawns, gardens and  surrounds will be left neat and tidy at settlement.
11. Details from the Managing Agent of the Tenant so we can make provision for adjustment of  any rent on settlement and transfer of bond.

Time frames will need to be specified – it may be best to have all conditions due on the same date. But sometimes it may not work out that way.

 There are many other conditions available and if you need more information email kim@propertyconveyancingservices.com.

 ENSURE ANY DEPOSIT THAT IS TO BE PAID IS UPON THE AGREEMENT BECOMING UNCONDITIONAL.

 Stay posted for Step 2

Cheers Kim