Taking the stress out of buying and selling

by Stacey McAllan, Stacey McAllan Legal.

I once read an article that listed purchasing or selling a property as a significantly stressful life event. There, in black and white, the process of “purchasing a house” sat rubbing shoulders with the most impossible of losses. Losing a loved one, divorce, losing your job and buying/selling property. Really, could this be so? And if it is, surely as an industry we can do much better.

The reality is that buying or selling property is something you might do less than a handful of times in your lifetime. You shouldn’t be expected to know the ins and out of the process – that’s our job after all.

After 20 years in the property law game, here are a few tips and tricks to help you set your expectations, balance your nerves and make the process a whole lot simpler –maybe even a little fun.

The process takes time.

We know that processes, systems, check lists and timeframes can seem like a massive “kill-joy”, particularly off the back of bagging your dream home. But as experienced property lawyers and conveyancers, it’s important that together we take the time to thoroughly step through the process, so that your best interests are protected.

The process of transferring property from one party to another is a precise art – a highly choreographed legal dance between buyers, sellers, property lawyers, lenders, agents and multiple government agencies to make sure your asset is protected. With such high stakes, it’s important to engage experienced legal representation.

Cover your bases.

Purchasing a property is a big deal. For most of us, investing our hard-earned cash into bricks and mortar is a rite of passage.

With so much at stake, it’s important that you do your due diligence to make sure your investment is protected and that you know exactly what you’re buying. If you are buying property, the four reports we encourage you to get and inspect include:

  • Pest Report
  • Building Report
  • Survey Plans
  • Building certificate issued by the local council

These reports will ensure there is nothing on the site that you don’t expect to be there such as illegal building work.

Knowing the ins and outs of the property also provides you with an opportunity to leverage price, should things not be up to standard. It also safeguards you from taking on a property with major deficiencies, structural or otherwise. When it comes to purchasing property, the term “buyer beware” applies – so it’s best to do your homework.

Read the full story in our Summer Edition of Hunter & Coastal Lifestyle Magazine or subscribe here.