Buyer Be Aware

Published by Steve Wong on October 26, 2010

When purchasing a property it is not a question of Buyer Beware (Caveat Emptor) but Buyer Be Aware.

Therefore it is important for you as a purchaser to do a full due diligence on the property i.e. check it out.

Your due diligence can include among other things a Land Information Memorandum (LIM Report) from the local council, a building report from a suitably qualified person and a valuation from a registered valuer.

Your agreement to purchase will need to be conditional upon your being satisfied with the outcome of your investigations.

The agreement should also allow you sufficient time in which to obtain and consider these reports.

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