Don’t skip your due diligence when purchasing property!!
Due diligence is what is involved in researching and investigating the property’s history, legal status, and any potential issues that could affect your investment in the property.
It is so important because having thorough due diligence completed will uncover hidden issues, and protect your investment and peace of mind going forward.
Here are some things that you should consider in your due diligence process:
? Title search – This determines the property’s rightful owner/s and any existing mortgages, caveats, or encumbrances.
? Property history – being aware of, and investigating any renovations, additions or changes to the property and ensuring you know of anything that is not council-approved.
? Zoning and restrictions – ensuring that the property aligns with your intended use (both now and in the future) and complies with local regulations.
? Surrounding areas – researching nearby current and future developments, amenities, and potential impacts on property value.
? Material facts – This is a fact that would be important to a potential purchaser in deciding whether or not to buy any property. In the context of a proposed sale of property, a material fact is one that influences a purchaser in deciding whether or not to buy any property at all or to buy property only at a certain price. Examples of a material fact could be deaths, natural or otherwise, and any crimes that may have been committed on the property.
Every buyer and every property has different requirements when it comes to their due diligence needs. Just ensure you work out what your specific needs are and ensure you tick off those boxes BEFORE putting your offer on paper.
If you need any assistance going through your due diligence process, please do not hesitate to contact our experienced team!
? 6160 6470