Conveyancing in Tasmania - Our top 5 tips when buying a house

Buying a property is normally one of the biggest financial decisions you make. We have taken the time to list our hints and tips on what to look out for when buying a property from a legal and conveyancing perspective.

1. Sale Contract – A contract is a binding agreement between the owner of the property (vendor) and purchaser. It needs to include all terms and conditions required by both parties prior to it being signed. Whether you are buying or selling a property you should ask your solicitor to review and advise you in relation to the terms of the contract.

2. Due Diligence – This essentially means do your homework on the property. For example you should make enquiries of what plans have been made for any vacant land that may surround the property. There may be plans for multi storey development, commercial development or schools close by that may or may not suit you.

3. Finance - If you need to obtain finance to purchase a property it is important that the Sale Contract contains a condition (referred to as a ‘condition precedent’) upon you obtaining formal finance approval. When a Sale Contract contains such a condition the Contract is commonly referred to a being ‘subject to finance’.

4. Building Inspection – Unless you are a fully qualified builder yourself, going to the expense of obtaining a building inspection is well worth it. If nothing is wrong with the property then you have peace of mind that you will be in a structurally sound house; if there is something wrong then it can save you thousands of dollars. Like the finance clause, the contract should be conditional on a satisfactory building inspection.

5. Easements – It is essential to ask about easements on the property. Easements can restrict what you can do on certain parts of the property, for example there may be a drainage easement running through the back of the property where you plan on building a shed.

Whether you are buying or selling property in Tasmania, we are here to help. Please contact us on 03 6332 9353 or use our Contact Us form -

Your Tasmanian Will – Where should you keep it?

Commercial Leases in Tasmania