Buying a property: ‘Don’t sign it stupid!’

Buying a property is exciting and it can also be very stressful, after all, it is a huge financial commitment. There are things that you can do to minimise that stress. As some in the industry say: ‘Don't sign it stupid!'.

We always recommend that you see a lawyer first, before you sign any property contract.   When you find that perfect property, it’s completely understandable that you’ll invest in it emotionally, sometimes immediately.  That is precisely why it is smart to have someone on your side that’s watching your back, and giving you sound, objective advice.

While the majority of real estate agents do the right thing and follow the REIWA regulations and standard contracts, buyers have to remember that real estate agents act for the seller.

It is in the agent’s best interest to get the highest price for a property as well as the settlement conditions that the seller wants.  It’s also worth noting that the standard REIWA contracts for property purchases do not include detailed settlement conditions. Those need to be added in. This is why the phrase ‘Buyer Beware’ rings so true.

We recommend that our clients bring the contracts into us to check over and we will ensure that conditions to protect the buyer are included, such as structural and significant defects building reports.  Real estate agents often only suggest a structural building report, but imagine how much it could cost to replace a sagging ceiling? Or to have chronic mould that’s spread to every nook and cranny professionally treated?  The costs of such things could stretch beyond repair costs alone.

Our clients benefit from having a dedicated property lawyer check over contracts before they are signed.  It’s important to note that our fees are competitive to that of any settlement agent, and we offer 40% off the scale rates which apply to settlements.

Download our 40% off voucher from here to redeem this offer.

When you’ve found the next property you want to buy, be it the house of your dreams, an investment property, or a commercial property, give us a call on 08 9381 1147 before you sign anything, and let us help protect your interests.

Once you have signed that contract, there is little room for changes later.