Obligations that come with the Property

What obligations might come with the Property requiring additional expenses or actions?

There may be obligations that come with the Property requiring you to spend money or grant easements, such as:

• outstanding development approval conditions,
• obtaining a pool safety certificate,
• installing compliant smoke alarms or a safety switch.

Why is it important to investigate property obligations before finalising a purchase?

These obligations can sometimes be unexpected and may require significant financial outlay to comply with legal or safety standards.

Failing to meet these requirements can lead to penalties, legal issues, or even potential hazards that could affect the safety and value of the property.

It is advisable to thoroughly investigate any existing or potential obligations tied to the property before finalising the purchase. This includes consulting with legal advisors, reviewing property records, and possibly negotiating with the Seller to address these obligations prior to settlement.

By being aware of and prepared for these responsibilities, you can avoid unforeseen expenses and ensure that the property complies with all necessary regulations and standards, ultimately protecting your investment and providing a secure living environment.