By Julian & Renee (Australia) – with writing support from Alberto Aldana (Colombia)
If you’re planning to buy a property at auction in New South Wales, it is important to understand the legal side. If you are a buyer, seller, or sales agent, getting sound legal advice and doing some due diligent assessment to ensure everything goes off without a hitch is smart thinking. Flash Conveyancing recommends three essential steps to take before you bid at auction; doing these steps can save you from losing money and assist you in an informed decision about your property purchase.
It is necessary to get the Building and Pest Report or Strata Report. The sale contract does not reveal the physical condition of the property; therefore, these inspection reports will give you insight into any possible termites’ damage, structural problem and building defects. If you are buying a home, obtaining a Building and Pest Report will reveal any danger with the home’s condition.
Strata Report for strata property will include information about insurance claims, special levies. Major repairs of common property.
Trusting the report from the vendor is dangerous; get your independent report to avoid any potential conflicts of interest.
After that, you must secure your finance. You must know how you’ll fund the buy via cash or loan for closer decisions. You have to get pre-approval for a loan before you start bidding. Be mindful that the moment the hammer falls, the contract is executed, and you are legally obliged to purchase the property even if your loan does not materialise.
In the end, Flash Conveyancing will do a detailed contract review to let you know if there are special conditions, zoning issues, and other risks. We will advocate for your interests by asking for any necessary changes to the contract.
If you miss these steps bad things can happen. You could wind up buying property with costly defects without the necessary reports, such as structural damage or ongoing maintenance issues in a strata property. If you bid and your financing fails, you could be stuck legally obligated to buy the property, threatening your personal finances. Even if you think you’ve done everything right, relying on the sales agent without having the contract of sale properly reviewed can lead to legal disputes, missed deadlines, or unfair terms that work against you.
At Flash Conveyancing, we understand the importance of protecting your investment. Our team, led by Julian and Renee, has over 13 years of experience dealing in property across New South Wales. Our thorough knowledge of the local councils enables us to provide a customised settlement for different needs. With Flash Conveyancing by your side, you can rest assured knowing that our team of conveyancers has got you covered for your property transaction. So, whether you’re buying, selling or investing, we’re here to ensure that your transaction is handled smoothly and securely from start to finish.
Our team has a proven track record of working seamlessly with the Blacktown, Hawkesbury, Blue Mountains, The Hills Shire, Hornsby, and Parramatta councils.
North-West Growth Corridor: Marsden Park, Box Hill, Schofields, Tallawong, Riverstone, Gables, Melonba, Grantham Farm, and Angus.
The Hills District & Surrounds: Castle Hill, Kellyville, North Kellyville, Bella Vista, Baulkham Hills, Beaumont Hills, Norwest, Rouse Hill, Winston Hills, and Westmead.
Blacktown City & Established West: Blacktown, Seven Hills, Glendenning, Glenwood, Stanhope Gardens, The Ponds, Quakers Hill, Kings Langley, Parklea, Acacia Gardens, Arndell Park, Rooty Hill, and Doonside.
Hawkesbury & Lifestyle Estates: Dural, Middle Dural, Kenthurst, Glenhaven, Galston, Glenorie, Annangrove, Nelson, Cattai, Maraylya, Vineyard, and Windsor.
Parramatta & Emerging Hubs: Parramatta, Northmead, North Rocks, North Parramatta, Wentworthville, and St Marys.