4 Things to Check When Buying a Property

4 Things to Check When Buying a Property

Buying a property doesn’t necessarily mean a home that you’re going to live in. It can be any building that you are purchasing, such as an office, second home to rent out or empty storage space. With any type of property, there are several things that you should check when you buy it to ensure that you don’t encounter any complications along the way or end up without important documents that you might need in the future. Here are some of the things that you should check before you sign the final contract and exchange the sale.

Check that you have all the correct paperwork

Among the many documents that you will need are property certificates Victoria. You will need to ensure you have been given all the correct documents and certificates to prove that you are now the new owner of the property. These certificates you need will depend on various factors, such as whether the building is leasehold or freehold. You should have been given this information prior to the start of the sale, but the paperwork you receive should reflect this and have all the accurate information and details.

Check the correct fees and costs

If you’ve signed a contract and agreed to have a particular real estate agent of company act as the mediator for the sale, you are tied into any clauses and terms and conditions which were presented to you in the contract. Any fees which you pay should be the same as the ones which were included in this contract. If you notice that there is any extra money which has been taken out of the sale price or which has been invoiced or taken out of your bank, contact the company and ask why they have taken the extra fees. There may be an explanation, and if it is correct, they should be able to show you the line or clause which relates to it.

Check the property itself and have an inspection

Until you’ve signed the dotted line, it may still be possible to pull out of the sale of a property, so if you have an inspection and there are problems with the property that you’re not happy with, you don’t have to go ahead with the sale. In many cases, the property will be sold but the sellers will have agreed that the price will only be paid after an inspection has been carried out and you are satisfied with the current state of the building.

Check that you have a copy of the contract

It’s very important that you have a copy of the contract when the sale is finally exchanged and the property is in your name. You should keep this contract as this is part of the proof that you have bought the property and you are now the owner. If there is more than one owner, they should both have signed the contract and each buyer should be given a copy.