I have a little list!

From: Marc Krisjanous

Hi all,
I have been working on a checklist that I will use when looking for IP. Two of the sections I have created so far deal with pre-buying a selected IP and the other is dealing with the process of actually purchasing the IP. I was wondering if anyone could add to these lists. I know that I have must have missed some points.

Best Regards


Pre-Buying Selected IP
1. Conduct an inspection of the IP – generate a Property Inspection Report
2. Engage pest inspector to inspect final IP choice
3. Engage Builder Inspector to inspect final IP choice
4. Strata/unit council report
5. Survey on the IP
6. Engage lawyer
7. Engage Mortgage Broker to research mortgage options
7.1 Establishment fees
7.2 Mortgagee stamp duty
7.3 Mortgage insurance
7.4 Mortgagee's solicitor's fees
7.5 Valuation fees
7.6 Registration of mortgage
7.7 Registration of title
7.8 Search fees
7.9 Other loan costs
8. Document all ongoing expenses for IP
8.1 Letting fees
8.2 Rates
8.3 Insurances:
8.3.1 Property
8.3.2 Landlord
8.3.3 Contents
8.3.4 What else?
8.4 Maintenance
8.5 Body corporate
8.6 Cleaning
8.7 Pest control
8.8 Mowing
8.9 Property Managers fees
8.10 Land tax
8.11 Other expenses?

Buying Selected IP
1. Confirm settlement timeframe
2. Confirm valuation of IP for mortgage
3. Confirm deposit amount with Mortgage Broker
4. Confirm mortgage acceptance with Mortgage Broker
5. Engage Property Manager to profile IP for renting
6. Check insurances are in order
7. Take out property insurance to protect IP before settling
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