“Location, location, location” is one of those catch phrases drummed continually into the head of anyone who even skirts close to buying real estate. From the agent to the financier to the guy driving your cab – everyone will tell you, if the site isn’t in the right position, you’re creating a rod for your own back. If you look around, however, there are plenty of properties located in the most inauspicious spot just waiting...
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Experts reveal their tips on how to increase your chances of having an offer accepted over your competitors. Homebuyers and investors should consider attaching a 10 per cent deposit cheque to a signed contract if they want to increase their chances of having their offer accepted, according to real estate author and buyers agent Patrick Bright. The EPS Property Search director and author of The Insider’s Guide to Buying Real Estate says one of the basic rules...
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Whether we have been advising and representing property sellers or buyers, Mitchells have long warned our clients to be wary of auction sales. Sellers beware! A crusty old real estate agent once remarked that an auction was little more than a device for persuading sellers to drop your reserve price. And buyers beware…particularly of vendor or auctioneer bids! Some time ago our Tim O’Dwyer, wearing his Real Estate Watchdog’s hat, gave this on-line warning to...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing Anyone who has dealt with the banks for a home loan will tell you about their battle scars with pride. Simply securing finance approval can be a frustrating and baffling task. An anxious purchaser can be kept waiting for finance approval because the valuation has been delayed, the vendor has gone overseas, the valuation has been done but your documents are being processed, your broker is on leave, your call...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing On Monday morning purchasers can experience a real estate hangover. After a weekend of elation at finding their dream house and pressure from the agent to make an offer, with hesitation they sign on the dotted line and their concerns about legal advice are pushed aside. They are locked into a contract. Unfortunately, the emotive attachment that causes you to buy a property can also cause you to forego certain...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing Imagine my client’s glee when he received pre-approval for a loan to buy his first home. The broker had found him a low rate – he hadn’t been able to borrow enough from the major lenders – and had promised the world. Fast forward three months, and he’d missed several days of work to satisfy the banks requirements, and was at risk of losing the property twice due to the...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing The mundane life of large body corporates will be shaken up at the start of next year when the Owners Corporations Act 2006 takes effect. As reported by Wendy Mason in the Herald Sun they will be called Owners Corporations (OCs). The idea is to move away from the ad hoc approach to building maintenance, and prevent lot owners being slugged with considerable levies when maintenance work is needed. Mason’s...
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by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au When buying a unit or apartment it is vital to inspect the body corporate records. These can sometimes reveal disturbing details about the state of the building, its finances and its management which sellers and agents won’t willingly disclose to starry-eyed buyers. If you are not happy with what you find, there is not always an easy way out of the contract – unless...
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Consumers are often unaware that small issues can have huge implications. What happens if you buy a home, but you can’t insure it? We offer a comprehensive pre-purchase contract and disclosure statement checking service to our clients, and insurance issues are among the most common problems we discover. The following situation unfolded a few weeks ago, and serves as an example of the way a seemingly minor issue can have enormous consequences. The client asked...
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We are seeing more purchasers being ripped off through reliance on “cooling off” provisions. The right to “cool Off” should always be regarded as very poor alternative to the obtaining of pre-contract advice. Real estate consumers appear to have been lulled into a false sense of security, believing that “cooling off” legislation works to protect them. In recent times we have seen purchasers forced to make a decision between losing their new purchase, or protecting...
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