Doing your homework

When you’ve found the property you want to buy, it’s important to read the official documents about the property before you make an offer.

Summary of important things to know
  • We recommend you get your lawyer or conveyancer to search the record of title, which is often referred to as a title search. The title will be specific to the property you are buying and has a record of things that can have an impact on what you can do with the property and any access you need to provide to others.

  • A land information memorandum (LIM) provides a summary of property information held by the different departments at the local council. It will show you the consents granted for any work on the property and information such as the flood risk for the area and the rates. The LIM will also show whether the property was part of any scheme offered by the council to retro-fit insulation.

  • The property file at the council may contain a lot of relevant information that isn’t on the LIM such as a site plan and the original plans of the house.

  • There are a few websites that will give you an estimate of what a property is worth, but paying a registered valuer will give you an accurate view.

  • If you’re interested in a property that is part of a body corporate, the owner must provide you with a pre-contract disclosure statement, but it is also helpful to obtain additional information such as the minutes from the last 12 months of body corporate meetings.

  • This information on doing your homework may not cover everything that is relevant to you or the property. You should always get advice from your own lawyer or conveyancer and other registered professionals.

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Doing your homework

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