Article by Fiona Evans
Available at open for inspections and online, the questions raised on the new Consumer Affairs Victoria Due diligence check list will be a starting point for many buyers to take more control of their purchasing and steer them to seek professional advice for some of the answers
Knowing what to further investigate will help property buyers make a better-informed purchasing decision particularly those who are inexperienced as this gives them a step-by-step guide to some of the issues.
The list highlights the need for an understanding of Owner’s Corporations and model rules, fire and flood implications for insurance and management, checking of titles, planning schemes and what to ask the local council, current zoning and building regulations, the need for building inspections and what to look for in the contract and section 32.
While most buyers will already have a common sense approach to some of these issues by undertaking thorough due diligence or engaging the services of a professional, the due diligence checklist may help the buyer avoid the many pitfalls and costly mistakes involved in purchasing real estate so they can enjoy their property for many years to come.