What is ‘buyer beware’?

Sep 21, 2021

You may or may not have heard the term ‘buyer beware’ before, but do you know what it means?

It means that not everything will be as advertised. In practice, this means that the onus is on the buyer to ensure that the property is at their definition of satisfactory. Therefore, before signing the contract, it is essential to ensure that you are thoroughly content with your property in Perth. It would be in your best interest as there will not be a refund or reparations if issues arise after purchasing.

Given the expense of purchasing real estate, it pays to ensure you have spent some time addressing the matters which you need to know.

What does the vendor need to tell me?

If you’re the purchaser of a residential real estate, it’s your responsibility to carry out independent due diligence. However, there are a handful of certificates that must be shown during the contract for sale process.

Those documents include the following:

  • Title search
  • Any dealings noted on the title which affect the land

Real estate agents in Perth must have attached documents with the contract for sale. The buyer can obtain a copy of these important items from the agent at no charge which means that they will be able to see what’s included in their purchase, who owns it and if there are encumbrances registered on the Certificate of Title, without having to wait or spend money on this process.

Our conveyancers review the contract’s terms and conditions to ensure there are no hidden clauses or disclosures, especially on the title.
In summary: buyers should always do their due diligence during every step of purchasing real estate!

What should I do to discover problems?

When buying a property in Perth, it’s important to be aware of the risks associated with each individual property sale. Essence Conveyancing will advise you on which searches, and enquiries are available in Perth, but ultimately these decisions are up to you.

Some of the steps which can (and should in many instances) be taken are as follows:

  • Pest and Building reports to ascertain the condition of the buildings.
  • Review Pro-Contractual Strata Disclosure- in circumstances where the property being purchased is part of a Strata Scheme.
  • Building certificates to ensure there will be no demolition or upgrading orders concerning the land. Don’t worry, this is completed as part of a standard settlement at Essence Conveyancing.
  • Government enquiries which may affect the land. Don’t worry, this is completed as part of a standard settlement at Essence Conveyancing.
  • Title insurance to protect from fraud, forgery and unknown risk which your Perth conveyancer isn’t able to obtain through standard searches

Work with a conveyancer in Perth who has got you covered.

If you are about to buy a property or have negotiated the purchase in Perth, then get in touch with us right away. We can help guide you through the various nuances of property purchase.

If you would like to speak to our Perth conveyancers, we encourage you to send us an email.