By Jaime Brdar

Whether you are a first-time purchaser or an experienced property investor, buying a property is a significant milestone. 

It can be one of the biggest financial decisions you make. 

Before signing a Contract for Sale, it is crucial to obtain as much information as possible about the property. 

By making enquiries and conducting your due diligence, you will be able to make an informed decision about whether the property is right for you.

When to start making enquiries

Once your offer has been accepted, you should arrange the following reports:

1. Pest and Building Report; and

2. Strata Report – this is only necessary if you are thinking of buying a unit, apartment or townhouse.

You might be thinking; ‘I’ve inspected the property and it looks great. Why do I need to get these reports?’

While a property may appear to be in good condition during your initial inspection, it is important to understand whether there are problems within the building itself.

A Pest and Building Report will give you information on structural defects, termite damage or water damage that you might not have noticed during your inspection.  

What is a Pest and Building Report?

This report will contain comprehensive information about the property’s condition such as previous pest treatments. 

The other part of the report includes details about the integrity of the building such as:

1. The age of the property.

2. Minor defects that you can fix at your own discretion.

3. Major defects which must be fixed to prevent further damage to the property.

4. Serious safety hazards that require urgent attention. 

What is a Strata Report?

When you purchase a strata property, you are not only buying your lot. You are also becoming a co-owner of the common property.

The common property may include; the driveway, the roof, main plumbing lines, communal gardens and other shared facilities. 

A Strata Report provides valuable insight into the financial and administrative position of the strata scheme. It typically includes information regarding:

• Building insurance.

• Maintenance history of the common property.

• Scheduled major works.

• Current strata levies and future special levies.

• Balance of capital works and administrative funds.

We can help

Our team at Hansons Lawyers have the experience and knowledge to guide you through every stage of your purchase. Part of our process will be to explain your legal rights and obligations in plain language before you sign a Contract. 

We have established strong professional relationships within our community and can recommend Building Inspectors and Strata Consultants to assist you with your enquiries. 

Have you found a property but you are not sure what the next step is? 

Contact us on (02) 4222 2666.