When looking to purchase a home you must always firstly be happy with what you are looking to buy. However, there are a number of things you have to watch out for. It is quite common for a Contract of Sale to essentially state, ‘What you see is what you get’.
As the purchaser, you must double check the information on the Contract and to check any information left out of the Contract. The Contract of Sale may disclose a number of things about the property you are looking at, and a solicitor or conveyancer may help you with interpreting the Contract and telling you what is contained in the contract.
A solicitor or conveyancer can only interpret what the Contract says and may not be able to help you with physical aspects of the property, such as the buildings on the property or the boundaries of the property. For example, while the Contract may state the boundaries of the property that you are purchasing, there is no way to know for certain unless a property survey is carried out on the land. Other examples are improvements to the buildings on the property, unauthorised additions to the building, or even termite damage to the building.
Surveys and pre-purchase building and pest inspections may reveal some of the matters or defects with the property that are not disclosed on the Contract. Another option is to purchase Title Insurance, which may compensate for repairs to the property as a result of matters not properly disclosed in the Contract.
At the end of the day however, you must be happy with what you buy – so make sure you know what you are buying into!