See property you like - buying process

[Jboz]

Hi,

Just wondering what your buying process is when you see a property you would like to purchase and in the order you take would be much appreciated.
Mainly I would like to know what checks and due diligence tasks you perform and whether you do them before enegotiating a price or do you add some sort of clause in the contract in the cooling off period?

e.g.
1. Building Inspection
2. Pest Inspection
3. 149 Cert (For potential development)
4. Survey

Apologies if they are bad examples as really I have no clue but keen to see what you guys do.

Thanks

 

[Jamie M]

If there's a body corp/strata head to their office and review minutes, etc from meetings.

Have your solicitor review the contract.

Make sure your finance person is working on getting your formal approval sorted.

Cheers

Jamie

 

[Biz]

Have your solicitor review the contract.

I find them fairly useless to be honest. By the time i go and see them (if i can even be bothered) i have already read the contract half a dozen times myself. I can see why some people need them but for most property investors who have been through a few rounds you know what to look out for.

First thing i do when im interested in a property is get the contract and go stragiht to the 149.

 

[Jamie M]

I find them fairly useless to be honest. By the time i go and see them (if i can even be bothered) i have already read the contract half a dozen times myself. I can see why some people need them but for most property investors who have been through a few rounds you know what to look out for.

First thing i do when im interested in a property is get the contract and go stragiht to the 149.

Some are better than others.

Just had one save a client thousands by identifying some issues with a property that most would probably overlook. It was then used as a basis for a price discount.

I understand where you're coming from though.

Cheers

Jamie

 

[Colin Rice]

Some are better than

I know a good one and encourage all my clients to utilise her expertise BEFORE signing a contract.

Little things like the wording in the conditions can mean an easy exit strategy v no exit strategy if they want to pull the pin on the deal.