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03

Aug

Dos and don'ts when buying or selling a property PDF Print E-mail
Written by the Editor   
  • Don't sign anything without first seeking advice from your lawyer.
  • Do see your lawyer before you start the process.
  • Don't over-stretch yourself by borrowing more than you can afford to service in interest charges, not just now but longer term.
  • If you are buying do ask you lawyer about the different types of home loans and the implications for you if you should sell before the end of the loan term.
  • If you are selling do shop around for a real estate agent who has a good track record in selling property in your price range and knows the area.
  • Do seek advice from your lawyer on the best method of selling your property: multiple listing, sole agency, tender, auction - remember your lawyer gives independent advice.
  • If you are buying don't be persuaded into buying something that doesn't meet all your needs.
  • Do be patient, and prepared to wait for that dream property.
  • Do be prepared to negotiate to get the best deal for you - your lawyer can help with this.
  • Do check the property out at different times of the day, to ensure that the property gets the amount of sun you want. In winter you will often see the property at its worst.
  • Don't be fooled by a recent renovation or redecoration designed to mask the flaws of a property. A property that is in its original state means you're not paying for someone else's "improvements" - which might add to the price but not the longer term value.
  • Do ask questions about the state of the property generally, its age, its wiring, plumbing, whether it is on gas or near to a gas line.
  • Do ask your lawyer about the other checks you should do - such as getting a builder's report, obtaining a Land Information Memorandum from the Council.
  • Do trust your instincts - is there something that is not quite right about the property?
  • Don't sign an unconditional contract unless you are certain you want the property at the price contained in the agreement and you know you have all the required finance secured - and you've taken advice from your lawyer.
  • Do fax the agreement to your lawyer, if you need some urgent advice.
 

Do the right thing!

If you are buying or selling property you will want to have proper safeguards. After all, these are likely the biggest financial transactions you will make, involving possibly all your life savings.

If you are planning a property sale or purchase do the right thing - see a lawyer before you sign any documents.