Property - Checklist for buying a property

Make sure you have:

• worked out your budget;
• arranged a pre-approved loan if you plan to buy at auction - you cannot make the contract of sale subject to finance if you buy at auction;
• selected your preferred suburb/location;
• worked out what features you want in a property (for example, number and size of bedrooms); 
• inspected similar properties in the area and checked sale results in newspapers and online to find out how much they sold for;
• understood the differences between a private sale and an auction;
• established if the property requires a building inspection. If so, make sure you get the results before auction, as you cannot put conditions on the contract of sale at an auction;
• worked out if you need to make the purchase subject to a satisfactory building inspection for a private sale;
• worked out if the property requires a pest inspection. If so, make sure you get the results before auction, as you cannot put conditions on the contract of sale at an auction;
• established if you need to make the purchase subject to a pest inspection for a private sale;
• checked the material provided under the disclosure statement from the vendor. The disclosure statement sets out a list of all the information you should receive before buying a strata titled property and your rights if you do not receive the information;
• received a Contract for Sale of Land or Strata Title by Offer and Acceptance form, commonly called the O & A, and the Joint Form of General Conditions for the Sale of Land, commonly referred to as the General Agreement, when buying an established property;
• developed a strategy for bidding at auction or for making an offer for a private sale;
• asked the agent about any items that appear to be fixtures of the property but could instead be items (personal chattels) which the seller may remove at settlement;
• organised your deposit, so you can pay when required by the agent;
• checked all items you believe come with the property are in good working order and stated on the contract of sale;

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