Purchasing a new home is undoubtedly one of the most exciting, yet stressful of life experiences. Recently we had the absolute privilege to assist a young family secure their ‘dream home’. They, like many new couples, quickly realised that becoming a home owner was about much more than simply identifying their search area, drawing up a wish list and agreeing on a maximum budget. In fact, finding their ‘forever home’ was only the beginning of a long and complicated process that would be filled with more than one legal pot-hole.
You see, purchasing a new house is a big task that extends well beyond the primal need to find a place to live. Common factors in this choice may include:
- An intention to renovate
- Proximity to friends, relatives, schools and amenities
Too often once the property is purchased, upon closer inspection of the documents, the new owner discovers that their ‘dream property’ fails to meet their needs. For example:
- You wish to run your business and consultation rooms from your house, only to find out that council won’t approve it.
- You intend to demolish the building to build a brand new home, only to realise the house is heritage listed which doesn’t allow you to touch it.
- You purchase the house in an auction for an absolute steal, only to realise afterwards that it needs many repairs that you didn’t notice beforehand. It suddenly becomes a costly investment.
- You plan to subdivide the property only to find out there is an encumbrance that doesn’t allow for it.
- The building has a demolition order from the council.
- You buy a strata unit with the intention of building a deck, only to find out that the council has fire-proofing restrictions that don’t allow for a deck to be constructed.
These situations are ones which your conveyancer should actively be working to avoid before you cool-off from a contract
At Welden & Coluccio Lawyers, we scrutinise both Contracts & Form 1’s during your cooling-off period in order to identify any potential issues related to the property. As legal professionals we always have our client at the forefront of our minds, and we understand that buying a home is a daunting process. Our job is to assure our clients that even the most apparently insignificant details are never overlooked so that you can purchase your property with eyes wide open.
So, list the reasons as to why you wish to purchase your home, and make it known to us as your conveyancer. In this way when we act for you, we know exactly what you want, and we can work towards your goal together. Fortunately the family I mentioned previously did just this and having a team of lawyers in their corner meant that they did indeed get their ‘happily-ever after’.