Category: First Home Buyers

Settle on inclusions before buying at auction

It’s a realization that can be incredibly frustrating, sometimes tarnishing the experience of moving into a fantastic new home – “But I thought they were leaving the dishwasher/shutters/built- in heater…” 

Many people often assume the inclusion of various fittings, fixtures and appliances in their purchase of a property.  In some situations, it only comes to light upon moving in that various household items which were present upon earlier inspections have been removed and taken with the previous owners to their new address.

The best way to avoid this situation is to cover every eventuality before you settle on a purchase or raise your hand to buy at auction.  Although property laws can differ in each Australian state, a property’s sale contract should usually be made available to each prospective buyer, which will outline all household items that are included in the sale. 

You should try to get a copy of this contract as soon as possible, giving yourself ample time to go over it with your legal representation clarifying any issues you may have regarding inclusions.  For instance, it may be assumed that a set of plantation shutters are included with the house, however it is not set out specifically in the contract.  This should be discussed with the sellers and the contract amended to reflect the outcome. 

Remember, once your bid is accepted at auction, it is taken that you accept the sale contract in its current form.   You will not usually have a chance to change or add any household items once the hammer has dropped. 

If you have addressed your legal paperwork correctly to begin with, you could have the grounds for legal recourse if you realize that certain household items that had specifically been included in the sale contract have been removed from the property.  Usually the best approach can be to contact the real estate agent who has been handling your purchase, who can then contact the seller.  In many cases, a simple misunderstanding has occurred and the items can be easily returned. 

As a seller, the best way to avoid any misunderstandings regarding items to be included in the sale of your home is to be clear and upfront from the beginning of the selling process.  If you would like to take a particular appliance or fixture with you, make sure this is stated in the contract of sale and that your selling agent informs prospective buyers of it. 

If you have any questions regarding what household items/fixtures are usually included in the sale of a property, please contact your local CENTURY 21 real estate agent, who will be able to advise you. 


0 comments | Posted by Charles Tarbey on 24/08/2010 at 1:43 PM | Categories: Buying - Investors - First Home Buyers -

Professional property inspections - should you have one before buying?

It is a question that we often hear from buyers who are considering the purchase of a property - should I have a professional property inspection conducted before buying? While I can’t speak for every real estate agent in the business, from my experience I can tell you that arming yourself with the knowledge from a property inspection usually puts you in a much better position. 

The purpose of a building inspection is to determine any issues that may exist in a property that you are looking to purchase.  This will allow you to make a judgment about the property based on all relevant information. 

You should ensure that the specialist you employ to conduct your property inspection is appropriately qualified and properly insured.  Inspectors are often professional builders, architects or surveyors. 

The inspector should examine all aspects of the building to which there is access.  This includes the building’s interior, exterior, roof, under the flooring and any other on-site structures, such as fencing, sheds, carports and driveways. 

Be aware that there are some aspects of a property that building inspections may not cover, for example the presence of pests and defects that arise in certain weather conditions, such as flooding.  It is often a good idea to clarify with the specialist exactly what will be covered before the inspection takes place. 

After the inspection you should receive a report, detailing the state of all elements examined.  Note that a building inspection does not usually include a quote for any remediation works – in most cases this will need to be obtained separately. 

The different methods of selling a property will affect when the property inspection should take place.  In the case of a property going to auction, you must have completed a property inspection prior to sale.   Once you have won the auction, you will have no recourse if faults in the property become evident.  

In some cases when a property does not go to auction, it may be possible to have an inspection conducted after an offer has been successfully accepted.  In this situation, your purchase could be contingent on a satisfactory inspection report.  Your real estate agent will be able to offer further advice and guidance in these cases. 

If an inspection finds a fault in the property, this doesn’t mean that you shouldn’t purchase it.  However you will now have the opportunity (time permitting) to obtain a quote for works to rectify the issue, which can sometimes be used to enhance your negotiating position.  Alternatively you may choose to abandon your purchase altogether if the price of extra works needed falls outside your budget.

 


0 comments | Posted by Charles Tarbey on 19/08/2010 at 9:35 AM | Categories: Buying - First Home Buyers -