So, you're thinking about buying a property. Congratulations.
If you are an organised buyer, you will taken a number of steps to prepare for actually logging onto realestate.com.au and scrolling through houses in your ideal suburb.
You've probably started saving. And checking school catchment areas. Maybe checked public transport so you can get in and out of the city for work.
You have probably had appointments with a mortgage broker or a banker to see how much you can borrow.
What you are unlikely to have done is appoint a conveyancer and meet with them before you enter into a contract. And it is this step which could make a difference between household bliss and a nightmare.
As a buyer, it is essential that you understand that the real estate agent is employed by the seller. Don't get us wrong, a good agent will always attempt to negotiate terms on behalf of both parties to a contract, but if there is a conflict, they are engaged by, and paid for, by the seller.
We also live in a state where seller disclosure is not required, and the old adage of Buyer Beware is still well and truly the state of play.
Buyer's agents are a rare thing in WA, so most buyer's only have their settlement agent acting on their behalf, and going into bat if things get dicey.
And if you have already signed that offer, the terms are fixed and that's all you can get. If, however, you appoint and consult with a conveyancer prior to settlement, we can recommend some inclusions for you to consider adding to the contract.
Let's imagine that you're buying a property with a pool. You want that pool inspected to confirm that all the equipment works. But you're not entitled to that inspection unless you make it a condition. If you have already signed the contract without that condition, the seller has no obligation to allow the inspection. You don't really know that pool is working properly and by the time you find out, it's often too late.
Buying a property can be exciting and it's easy to become caught up in making sure that you are the person who nabs it. But doing some pre-work, undertaking some due diligence, negotiating better terms, and seeking disclosure on the status of that new home can really make a difference once you move in.