When looking around for property – whether it’s investment purposes or for your dream home, real estate agents are often your first point for information. Through their sales pitch, they can tell you all sorts of things about the property and the neighborhood it’s in. The information from them will certainly help you towards making a decision.
Despite this, sometimes real estate agents tend to “stretch the truth” a little when making their sales pitch. Because of this, you really need to make sure that as much of what they promise to you is contained in the contract of sale – preferably before you sign it!
We’ve had situations where a real estate agent promised that the property came with parking, but no parking was indicated on the contract. We’ve had situations where the real estate agent promised that the strata rates for the property was quite low, yet when we checked them it was two times higher than what they promised.
Unfortunately practically all contracts contain a special condition that says that the contract contains all the promises and information needed in the transaction. If a real estate agent has promised you something that’s not in the contract – then tough!
Because of this it’s very important to check the contract and make sure that everything’s there. You should also always do the due diligence, through reading through the contract, or ordering pre-purchase inspections. We as your solicitors also do some due diligence of our own – double checking the information attached to the contract and making sure that it’s up to date.
At the end of the day – while the information that a real estate agent has to give you is valuable, you should always continue to ask questions, do your own investigations, and double check everything!