3 Things To Check Before Putting Down A Deposit On A Property

3 Things To Check Before Putting Down A Deposit On A Property

8 February 2018
 Categories: , Blog

If you've made the decision to purchase a particular home, you'll want to ensure that the sales transaction goes through with minimal hassle. So before you decide to put down a deposit on your coveted property, make sure you check these items through your conveyancer or solicitor.

Research The Certificate Of Title

You'll want to ensure that you are purchasing the property from the rightful owner and that there isn't any dispute related to it. A Certificate of Title establishes the official owner of the land, allowing you to access information on ownership of any property irrespective of whether you own it or not. From this, you will have access to current ownership, any caveats against the title, volume and folio, and much more. Your conveyancer will access this for you beforehand, so that you don't end up purchasing a property that is under dispute. You simply need to provide the street address or lot number for this title. Keep in mind that it may cost you a small fee, but it is well worth it to protect your interests in the long run.

Review The Sales Contract To Ensure You Get What You Want

Before making the decision to put down the deposit, it is important that you review the contract thoroughly to ensure you get everything you expect from the home. This is vital because buyers and sellers may enter the deal with different expectations, only for one party to feel cheated. For example, if you expect the property to come with certain existing features like blinds and curtains, make sure the contract covers this, or else you will end up being disappointed later. Don't pay the deposit until you're completely happy with the contract. Your conveyancer will negotiate this on your behalf with the seller's agent or conveyancer.

Check Rates For Land And Water

The best thing to do before you decide to put down a deposit on a property is to check local land and water rates, so you're not shocked later. Different councils may have different land rates, so you should ideally know exactly what you're paying for the property every year. Council rates are typically calculated based on the value of the land alone or combined land value and a fixed amount for every property. Your conveyancer can check this with the local council beforehand to eliminate any surprises once you pay the deposit.

Follow these checks to ensure you are well informed before you put down a deposit for a new property.