Jan 9, 2017

Buying leased properties...beware!


Buying leased properties.......beware!

Check the condition of the property before signing the contract as the property may be handed over at the time of settlement in the same condition as it was on the day you signed the contract.

Category: Notice
Posted by: craig

Buying leased properties.......beware!

Buying leased property brings with it some additional risks. These risks vary depending on the buyers circumstances.

All buyers should take care to diligently check the condition of the property before signing the contract as you should expect the property to be handed over at the time of settlement in much the same condition as it was on the day you signed the contract.

Theoretically this is pretty straightforward however what happens when there is a tenant involved and the tenant leaves the property in a less than acceptable condition, and, potentially with some damage?

In order to bring the property up to an acceptable standard prior to settlement it is possible to have the cleaning and repairs required to be paid for by a deduction from the tenants bond. This can be managed with the assitance of the leasing agent and the co-operation of the vendor.

But what happens if the bond money doesn't cover the cost of the repairs? Call us for more information on this unusual circumstance.

ALL BUYERS should take photos of the property before signing a contract, and check the operation of fixtures. Do the unusual when inspecting including checking behind paintings and pictures on walls - you might be surprised what is hidden under these!

Being diligent and collecting evidence can assist in protecting your rights and avoiding a dispute on the condition of the property as settlement approaches.

 

 

 

 

 

News

Do you know what you are buying?

Aug 29, 2017 | General | craig

The contract will have a section title GOODS SOLD WITH THE LAND.

This is normally listed as "All fixed floor coverings, window furnishings and electric light fittings".

You should consider whether this covers everything that you think is being sold with the property and if not, have the agent add a list to the contract.

A couple of examples that might help are.....

If the property has a swimming pool you should ask if the pool cleaning equipment is included in the sale.

 

If there is a wall mounted television you need to ask if the television is included in the sale, if not, ask whether the wall brackets are being removed. If the wall brackets are being removed you should ask who is covering the cost of repairing and painting the wall.

MAKE SURE THAT THE CONTRACT CLEARLY LISTS ANY INCLUSIONS OR EXCLUSIONS not covered by 'all fixed floor coverings, window furnishings and electric light fittings"

 


Testimonial

Aug 28, 2017 | General | craig

Hi Craig and Nadee,

 

Just wanted to say a big thank you for your settlement assistance, and for the advice and numerous contract reviews leading up to it.

 

It was very much appreciated, and we will be recommending you to anyone who we can.

 

Kind regards,

 

Matt

25/08/2017


Buying leased properties...beware!

Jan 17, 2017 | Notice | craig

Big thank you to you and Craig for your help during this process and all the best for future. Leon 16/01/17

We helped Leon negotiate $2,000.00 compensation....

 


Can you reduce your risk when buying property?

Can you reduce your risk when buying property?

Jan 10, 2017 | Notice | craig

"Risk comes from not knowing what you are doing"......Warren Buffett

If you are considering buying you can reduce your risk by talking to us before you sign a contract. Our pre-purchase review service is obligation and cost free.

 

Testimonials

Testimonial

Jan 11, 2017 | Testimonial | craig

Thank you for your work and constant updates throughout settlement, it was great to be kept in the loop.


Pleasure working you.

Warm regards.
Chels

 

Settlement  10 January 2017