When one has a property to sell in Australia or if one wishes to buy one, it helps to consider some of the good and bad things that could happen. Among good things is even if one’s money has not been sanctioned, but one has found a home, one could still buy it. There is a way to get around the shortcomings. And, suppose one has found the property to purchase but did not sign a caveat, one could land oneself in a lawsuit.
Use the services of a consultancy firm
The first thing to do is to find a property dealing consultancy firm that offers their consultancy services to prospective buyers and sellers and find out the details of how one might get into a law compromising situation or get advantage from land and property deals. This is easy because when one is thinking about online property sales(buying or selling), all one has to do is email the relevant documents to the consultancy firm, and they will tell one where one stands on the deal.
Does one want a building inspection done?
Here are some tips to get one going. First, if one is wondering about the life of the building one is going to buy, get an inspection done. Check the report and buy the building only if one is satisfied. The report will tell if there is termite damage, whether the brick wall is in danger of falling down, and of the conditions of the floors and walls. At times, one is not able to make a payment on time. What happens when one gets delayed?
The options available are that one could get one’s lawyer to ask the vendor who is selling the property to extend the settlement date. He might agree and charge interest until the day of settlement. In some cases, the contract might include damages if one doesn’t settle on time. This means the vendor will insist on completing the payment on time failing which, he will serve a Default and Rescission Notice. If one does not settle within 14 days, one will lose the deposit. In addition, if the vendor tries to resell but fails to get the amount he wants, he will try to get the shortfall from the buyer.
In another scenario, if one wants to buy a property, but the money has not been approved yet, then one might have to make sure the contract includes the subject to loan approval condition. If not, one might not be able to get out of the contract, and one will lose money.
Make a clear plan to buy property
When one begins to look for online property sales, one needs to make sure of certain things first. One is to know what one wants. Like, why does one want the land and is it going to be a long-term investment or will build a house on it? Once one is clear about this, one will be able to find the information one wants about buying the property. One will have to get the current and future development plans and zoning plans, and also if there are any restrictions on the title. All these can affect the value of the land.
One will have to make a deposit (10% usually) into the trust account of the vendor or his lawyer’s account. It is not a good idea to pay the amount directly to the vendor. In a few cases, the amount will be released to the vendor even before the settlement. In case the buyer is unable to keep up his side of the buying agreement and complete the sale as agreed, he will stand to lose the deposit and the vendor will terminate the contract.