Purchasing Real Estate in Australia

Buying property in Australia is a relatively simple process but, as with any major purchase, you should go into it with open eyes. Although Australian law places a great emphasis on the protection of the buyer, you need to do a few small checks yourself in order to ensure that everything is above board. This is especially true if you are buying the property as an investment. One of the smartest moves you can make as a buyer is to choose a reputable Buyer’s Agent.

Things to check initially are:

1) How the land description compares to the title.

2) The soundness of the structure and possible pest damage. Also extend the check to the roof, gutters and fences. It will pay you in the long run to have a professional in to check for possible problems before deciding to buy.

Although it may cost a little more to get in a professional, it may save you from making a costly purchase in the long run. The property market, whether it is real estate Truganina or real estate in London has the same cautionary note – buyers beware or risk making an expensive mistake.

When it comes to the actual title offered for real estate Altona, you really need to have a great buyer’s agent on your side. There are several different types of title available in Australia and you need to know the ins and outs of each to ensure that you are not caught unawares when it comes to your rights and responsibilities. The ideal kind of title is commonly referred to as “good title” because the title is registered. Examples of “good titles” are Torrens Title – by far the most common; General title – not much in use but the provenance of the property has to be completely confirmed and this may be onerous. Strata title – these are usually used for areas where a body corporate is usually involved. Check whether or not your title includes your parking space and what your responsibilities in respect of the common property are. An example of the other type of title is Company share – whereby you buy shares in the company that owns the title – this has become less common practise.

The final check to do is on the actual Certificate of Title itself. These can be accessed at the land titles office and give information about the owner, easements, mortgages etc. Check for any easements as these can restrict how you may use the property. Also ensure that the owner is able to sell the land – there may be caveats on the title that prevent them from doing so. Still, a good buyer’s agent knows what to look for and should perform these basic checks on your behalf. If you request them and are advised not to worry about it, look for a new agent.

http://www.icpm.com.au