Property Matters: Searches and Enquires.
The purchase of a property, whether for investment or to live in often represents a persons single most important investment and therefore undertaking a proper and detailed examination of the property prior to purchase is vital. There are a number of searches that are recommended which, together will reveal important characteristics of a property. Below is a summary of the key enquires that an intending purchaser should consider.
This is a survey carried out by a registered property surveyor who will attend the premises and carry out a survey for identification purposes. This means that the surveyor will examine the physical nature of the property and provide a report to the purchaser as to various matters, including:
- Easements, restrictions as to use and covenants affecting the property and whether the
improvements on the property comply with those covenants and restrictions as to use.
- If the property encroaches upon, or whether any neighbouring property encroaches
upon, the subject property.
Pest Inspection Report
The purpose of this report is to inform the purchaser whether the property is affected by pests, such as termites, The Vendor does not have to provide disclosure to the purchaser about such matters and accordingly, if the Purchaser buys the property without having investigated the matter and then discovers that there are substantial issues affecting the property, it is very unlikely that the Purchaser will have any recourse against the Vendor.
Building Inspection Report
A building report provides a detailed report as to the structural integrity of the property and matters affecting the property from a building point of view.
Strata Inspection Report
If the property being purchased is a strata property ( e.g an apartment, flat or home unit), it is critical that the purchaser obtains a report from a Strata Inspector as to the compliance by the owners corporation with the applicable strata legislation and other matters relating to the strata scheme, including, importantly, the imposition of any special levies for works.
We recommend a series of searches and enquires be carried with various Government Departments and Agencies to determine whether there are any proposals affecting the property.
Such proposals may include,
- road widening,
- outstanding work orders from the Local Council;
- proposals to acquire easements for electricity;
- proposed new schools; and
- proposed new roads or railways.