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There are a few things you should have in order before you take the plunge.
Do you have finance approval?
It is a good idea to have a pre-approval in place from your mortgagee before you start looking to purchase a property. This will short-cut the approval process once you find the property you wish to purchase as generally the lender will only have to do their valuation of the property rather than start the whole process from the beginning.
Have you received advice on the Contract?
You should obtain legal advice on the Contract before exchange. Once Contracts are exchanged you have effectively purchased it so it is important that you are fully informed of all the special conditions, encumbrances on title and zoning issues relevant to the property.
Have you satisfied yourself as to the condition of the property?
A pre-purchase pest and building inspection are highly recommended before Contracts are exchanged. It is important to remember that these reports are negative and designed to tell you about the condition of the property, warts and all, including any major defects or potential costly repairs you may be up for in the future so you can factor this in to your finances. A purchaser must also satisfy themselves as to council approvals so an inspection of the council records may also be helpful in identifying any potential non-compliance issues.