Homebuyers and property investors, especially those with little to no experience, need to pay close attention to what they’re doing and what they’re signing, if they want to protect the value of their investment.
One of the things that comes along with working in the Building and Pest Inspection Industry is dealing with customers who have been burnt by dishonest buyers and agents. We take great pride in restoring balance and fairness to the equation with thorough building and pest inspections.
It ‘s imperative to do your due diligence and read the fine print before making a deal or signing a contract. Once you’ve signed on the dotted line, there’s no such thing as a do-over.
Here’s a short reminder of the five of the most common home buying contract traps to be aware of.
1. Confusion About The Type Of Property
There are many types of legal property. They include leaseholds, company shares, torrens titles and strata titles. Each has its own specific advantages and disadvantages. Be sure you know exactly what you’re getting into.
2. Signing A Contract Under Pressure
Never let yourself be pushed into signing a contract until you know exactly what you’re doing. Once signed, an agreement is a legally binding contract. There’s no getting out of it.
3. Ignoring “Special Conditions”
Be sure everything in the “Special Conditions” of your contract, such as pest inspections and pre-purchase property inspections, are completely handled by a qualified expert before putting your signature on an agreement. Once you sign the contract, the special conditions are considered to be met and accepted.
4. Neglecting Deemed Consent Conditions
Anytime a contract has conditions that are deemed satisfied unless you advise the seller to the contrary, you are exposing yourself to the danger of being personally forgetful or neglectful. Always be on your toes.
Here’s one final warning to all homebuyers and property investors – The agent is always working for the seller, not for you. Only give them as much information as they need about your desires and financial situation. Play your cards close to your vest to get the best deal.