Avoid surprises when buying a home
With the purchase of a home or the building of a new one there are two main things that take place by the parties involved. Someone has to come up with some money and someone has to either hand over a property or build one. Whichever the case may be; if only it were that simple.
Contracts signed when purchasing a home are by no means simple documents however, it is important that you take the time to understand what is contained in your contract. Review the contract if necessary so that you are fully aware of what is required of you and what the conditions will be going forward.
Unfortunately, a lot of people don’t do this. Not reviewing your contract can result in some surprises down the track. An example of this, and one that we see too often, occurs during the conditional phase. Clients try to organise an inspection but when we contact the agent to organise the inspection we are informed that the purchase is not subject to inspections. Usually we can still carry out the inspection however, the outcome can end up with no bearing on the purchase of the home. This means the house might have some serious issues, but the buyer is required to go ahead with the purchase. This is why it is important to make sure you include details like this in your contract. You want to understand what you’re agreeing to and you don’t want to sign the papers if you don’t agree.
For more information on the legal side of buying a property and how to avoid unpleasant surprises download your FREE eBook.