What property issues might you be unaware of but forced to accept?
Some issues or search results affecting the Property may exist which you are unaware of, but be forced to accept, such as:
- unapproved structures
- easements affecting the Property
- council charges
- issues with the owners corporation (such as law suits and/or combustible claddings)
- flood prone land
- utility services not connected,
- asbestos
- contamination of the Property including issues caused by the manufacture or use of illicit drugs which can be expensive to rectify
What challenges might arise if search results are delayed before condition dates or settlement?
You may also have difficulty obtaining search results before condition dates or settlement to exercise your rights under the contract.
Issues such as these may also impact the property valuation and reduce the amount of a financier is willing to lend against the property.
Given the potential for such unforeseen complications, it is crucial to conduct thorough due diligence before finalising the purchase. Engaging professionals to perform detailed inspections and searches can help uncover any hidden issues. Additionally, understanding local regulations and council requirements can provide insight into any potential restrictions or future liabilities.
Being proactive in addressing these concerns can prevent costly surprises and ensure that the property's true value is accurately reflected. This preparation not only protects your financial investment but also ensures peace of mind, knowing that you are fully aware of the property's condition and any associated risks.
