Victorians spooked by the latest property data released this week showing house prices continue to soar can take some respite and hope from two leading experts in the banking and property law sector.
Property Law experts Parke Lawyers and Australia’s leading community bank Bendigo Bank say that prospective home buyers should be taking a route of preparedness to put them in the best position possible to get into the property market.
Parke Lawyers Executive Counsel Brendan Reilly advises homebuyers to be fully informed of what they are buying.
“Getting a qualified solicitor to look at the Contract of Sale before you go to auction puts you in the best position to bid confidently on the house, because you are fully informed on what you are buying,” Mr Reilly says.
“It could be the best $1000 of the whole purchase and save you tens of thousands of dollars in the future.
“There’s no doubt this is a vendors’ market and it staggers me to see how many special conditions are included in contracts these days that are unfavourable to buyers. Buyers need to know what they are buying.”
Mr Reilly says most people think they only need a solicitor after they have bought a house to undertake the conveyancing work, but legal issues which were not identified pre-purchase, discovered after the contract has been signed, can