Property & Rural

Check the LIM report, the title and the council property file before you commit. As our article Key things to know before buying a home explains, look for easements, covenants and caveats on the title, make sure any building work has consents and code compliance certificates, and consider a building inspection. Finance and due diligence clauses in the agreement give you time to check these things – talk to our team before you sign.

Start with your title, building consents and any tenancy. Our article Preparing to sell your home? 8 essential checks covers checking for unexpected interests on your title, making sure building work has consents and code compliance certificates, getting a LIM, and giving tenants proper notice if you’re selling with vacant possession. You must also disclose defects you know about, list the chattels clearly and check for mortgage break fees.

It means the buyer gets the property free of the previous owners, tenants, their belongings and any rubbish. Under the standard sale and purchase agreement, vacant possession must be given no later than 4pm on settlement day. If it isn’t, the buyer may refuse to settle, withhold part of the price or claim compensation – see Vacant possession: what does it mean?

Be careful. As our article on vendor supplied reports and disclosures explains, check the date of the report and its disclaimer – usually only the person who commissioned it can rely on it or claim against the inspector. If you need to rely on a report, get your own, or ask the inspector to re-address it to you (there may be a fee).

Find out what rules and costs come with the property. New developments are often governed by a residents’ society, a unit title body corporate or land covenants registered on each title, which can bring annual levies and rules about what you can do. Our article Considerations for subdivision buyers compares them, and we can explain what you’d be bound by before you sign.