Buying a Property?*

Make sure you have:

  • worked out your budget
  • if you plan to buy at auction, arranged a pre-approved
    loan. You cannot make the contract of sale subject to
    finance without the vendor's agreement if you buy at
    auction
  • selected your preferred suburb/location
  • worked out what features you want in a property (for
    example, number and size of bedrooms).
  • inspected similar properties in the area and checked sale
    results in newspapers and online to find out how much
    they sold for
  • understood the differences between a private sale and an
    auction
  • established if the property requires a building and/or
    pest inspection. If buying at auction, make sure you get
    the inspection report before the auction, as you cannot
    put conditions on the contract of sale at an auction
    without the vendor's agreement
  • your legal practitioner or conveyancer check the section
    32 vendor’s statement and the contract of sale
  • developed a strategy for bidding at auction or for
    making an offer for a private sale
  • knowledge about your cooling-off rights
  • asked the agent about any items that appear to be
    fixtures of the property but could instead be items
    (personal chattels), which the seller may remove at
    settlement
  • organised your deposit, so you can pay when required by
    the agent
  • checked all items you believe come with the property are
    in good working order and stated on the contract of sale
  • checked those items on final inspection

Selling a Property?*

Make sure you have:

  • researched how much your property is worth
  • have a licensed estate agent present you with a
    marketing plan and appraise the likely selling
    price of your property
  • asked prospective agents for sales records of
    similar properties for comparison
  • chosen an independent legal representative to
    prepare the Section 32 statement (vendor's
    statement)
  • before selecting and signing with your
    preferred agent, considered negotiating the rate
    of commission and the cost of marketing and
    advertising
  • carefully looked over the sales authority and
    other documentation the agent has provided
    for you to sign
  • given written instructions to your agent clearly
    stating which items in the property are not to
    be included in the sale
  • agreed with your agent on the price the
    property is to be advertised at
  • in the sales authority, specified the service the
    agent is to perform for you
  • given your agent instructions about the offers
    you are willing to consider
  • discussed and settled the terms of your
    proposed contract, including the time for
    settlement with your agent, conveyancer or
    legal practitioner
  • before accepting an offer on your property,
    discussed the details with your agent
  • having accepted the offer, confirmed with your
    agent that the full deposit stated on the
    contract of sale has been paid by the buyer
*Please note that the above guide is for informational purposes only and should not be relied upon as legal advice - if you require assistance with your scenario, then please get in touch with us!