If you’re purchasing a property, it’s essential to do a thorough search for information on the property before making an offer to protect yourself. Let’s take a look at some of the common property searches and how they can help you during the buying process.
Land Title Search
It’s important to conduct a land title search before purchasing a piece of property so that no one can file claims against it later on. When performing a land title search in Australia, a number of title particulars are usually available, depending upon the territory being searched. For most areas, details on the land title, plans, and dealings are available. For certain territories, survey and instrument information may be provided. In New South Wales, the Electronic Notice of Sale (eNOS) may also be available.
Requesting a property inquiry from a qualified property search provider can uncover plenty of useful information about the property. A property inquiry can help a practitioner determine the relevant council for the property as well as all relevant certificates for the property, including outstanding certificates.
Also known as building inspections, pre-purchase reports are important to protect the buyer of a property by informing them of the true condition of the property before buying it. Property inspection reports are essential in determining the value of the property before settlement. If certain repairs need to be made, that, of course, affects the price of the property and the amount of the offer that the buyer is willing to put forward.
Reports on the structure itself such as building reports, pest reports, pool reports, and engineers reports all help determine the probable cost of repairs and upkeep. Other records, such as community title reports, tax depreciation reports, and valuation reports, are also vital in determining a fair offer.
Requesting a Telco Cable Search will tell you if there are any telecommunications network cables, such as fiber optic cables, running underneath the property. The search is done by contacting all known telecommunications providers in Australia. Why is it important to know if there are internet cables underneath the home?
Cables running underneath a home or the adjacent property may prevent the property owner from making modifications such as adding on to the house or even making landscaping changes. About 10% of properties have cables running underneath them. It’s incredibly important to know about the cables because damaging them can cost the property owner thousands of dollars, not to mention earn them the ire of their neighbors who might be cut off from internet access.
Section 109 Certificate Search
If you’re purchasing a strata property, you’ll want to conduct a search for a Section 109 Certificate. A strata property is one with a title that allows owners to individually own part of a property (such as a townhome) and partially own shared common grounds, such as a driveway or garden. The Section 109 Certificate will explain the strata scheme for the property, such as the names of committee members and any special by-laws.