I wasn’t happy with the first inspection! Can I inspect again?
Technically, no. Under the the standard-form contract for sale of land in Western Australia, known as the Contract for Sale of Land or Strata Title by Offer and Acceptance, you are entitled to one inspection of the property at a mutually-agreeable time during the week before settlement. If you identify problems that need fixing, you can request […]
How to avoid arguments over family loans
Have a written agreement If you’re borrowing or lending money, particularly where family or friends are involved, it always makes sense to formalise your agreement. A properly drafted agreement will protect your rights and help prevent a disagreement or relationship breakdown. For very straightforward matters, a simple Deed of Acknowledgment of Debt will formalise the […]
Do your homework before you buy a property
Inspection Unless the contract makes specific provision, properties in Western Australia are sold in the same state and condition as when first inspected. So it is essential for buyers to conduct a thorough inspection. Once you have inspected the property, if you want changes to be made prior to sale or you want to ensure […]
Non-compliant RCD’s and smoke alarms – your rights explained
Recovering costs from the seller after settlement The Electricity Regulations 1947 (WA) require a seller of residential property to install at least 2 residual current devices (RCD’s) and hard-wired smoke alarms in the property before the sale is completed (settlement). Sellers face hefty fines for non-compliance. Buyers should check that the property is fitted with RCD’s […]
Granny-flats – things you should know
Using existing land, granny-flats may be a home extension or a self-contained dwelling. A granny-flat may be a convenient and cost effective option, striking a good balance between close access to family and independent living. As no property transfer is required for granny flats, there is no transfer duty or real estate agent fee, and […]
Buying off-the-plan risk #3: what’s it really worth?
Buying off-the-plan certainly has appeal! There is no denying that there are attractive pro’s, but in an uncertain market, can you really be sure that the property you sign up for will be worth as much at completion? Whilst a glossy brochure may state that an off-the-plan investment property is worth $500,000, it’s your bank’s opinion that really counts, […]
Buying off-the-plan risk#2: To rent or not to rent?
So, you are about to sign a contract for an off-the-plan investment property. You’ve found the perfect rental property! Or, so you think. How well do you know the market? If your dream is to rent out a city apartment, think carefully. Across Australia, vacancy rates for inner-city apartments have risen, with Perth currently leading the pack at around 7%. […]
Buying off-the-plan risk#1 – that’s not my home!
Imagine a world where you could safely assume that a property bought off-the-plan would be worth more at settlement, than when you signed up for it. There’s the lure of an upfront deposit of 5-10%, while you save your pennies for a couple of years in preparation for the final payment. And then, when the big day arrives, […]
Benefits of buying off-the-plan
What does it mean to buy “off the plan”? Explore our previous article to find out. This article aims to summarise some of the many perceived benefits in buying off the plan. Lower purchase price Real estate property developers are often keen to sell as many properties as early as possible, and so prices are […]
What does it mean to buy “off the plan”?
The owner of a large vacant block wishes to chop it up into small parcels (lots) and sell each new lot. However, the owner has two problems. Firstly, he doesn’t have the substantial funds he needs to construct roads and install services for each lot. And secondly, he’s not sure whether anyone will want to […]