For most people buying a new home is one of the most important and largest purchases they?ll ever make in their lifetime. They?ve likely put a lot of time and energy into finding the right property and have had to save for years to make it work.?
Buying a property is indeed a big deal, and it?s important that every effort is made to make sure there are no errors in the documents about the property leading up to the final settlement. Let?s review a few different types of searches you can do prior to the sale in order to make sure the final settlement goes as smoothly as possible.
Land Title Search ? Probably the most important search you can do before buying a property is a land title search. Basically, a land title search makes sure that the property is free of all liens and clams so that no one can lay claim to it after the sale has gone through. For most territories and states in Australia, a land title search provides not just details on the land title, but details on the plans and dealings, too. In some territories, survey and instrument information will be provided, too. In NSW, the Electronic Notice of Sale (eNOS) can be provided.
Telco Search ? This type of search will tell you if there are any telecommunications cables running underneath the property. About 10% of all properties have some kind of network cable, such as a fibre optic cable, buried underneath the property. This is important information to have before you buy a home because buried cables could prevent the future owner from making certain modifications to the property that might damage the cables. Inadvertent damage to the cables might cost the property owner thousands of dollars.
Property Enquiries ? A property enquiry will reveal the relevant council and certificates for the property, including outstanding certificates.
Pre-Purchase Report ? A pre-purchase report, sometimes referred to as a building inspection, is essential to have done before buying a property. A pre-purchase report will include all of the things that normal property buyers don?t know how to look for, like the condition of the wiring, for example. Information about the property such as building reports, pest reports, pool reports, and engineers reports will help the buyer understand exactly what the property is worth before they make a final offer. Pre-purchase reports can also include other records, such as community title reports, tax depreciation reports, and valuation reports.
Section 109 Certificate Search ? A strata property is one that includes community property, such as a driveway or a garden in a condominium complex. If you?re planning on buying a home that is considered a strata property, find a copy of the Section 109 Certificate. This document will provide details about the strata scheme for the property, including the names of the strata committee members and any special by-laws that might apply to the property.?
