Once an offer to purchase document has been signed and accepted by both parties it becomes a legally binding contract and is almost impossible to change from that point on. Make sure you understand everything in the document before you sign. Your personal Property Investment Strategist at IGrow Wealth Investments will go through the document with you and ensure you understand it fully, but here are a few pointers in the meantime:
- The offer itself
It is advisable to make sure that the money for the deposit is readily available – if you need to get it out of a notice account notify the banks already to help avoid delays further down the line.
- Understanding the paperwork
Read the offer to purchase carefully, particularly the section that lists fixtures and fittings. You want to know exactly what is included or excluded to avoid any unpleasant surprises on the day of transfer.
- Ask as many questions as you like
The old adage of ‘There’s no such thing as a silly question’ couldn’t be truer of this situation. Get all your questions answered and ask for clarity if you don’t understand anything. This is a large purchase and you’re entitled to be as informed as possible.
- Rest assured that the necessary inspections will be done
IGrow Rentals will perform a thorough fault inspection of the property – known as ‘snagging’ – before it is handed over by the developers, so you needn’t concern yourself with undisclosed issues that some property purchasers can fall victim to.
These are the main things in the offer to purchase document to be aware of when buying an investment property. Don’t fall into the trap of thinking it’s just a friendly agreement – it’s a legally binding contract. But with the proper preparation, and by working closely with your IGrow Property Investment Strategist, you can make sure that, before you sign, you’re well-informed and ready to add the property to your investment portfolio.
Contact IGrow Wealth Investments to talk to one of our skilled Property Investment Strategists today, to find out how we can make securing your next property a pleasant, quick and easy experience.
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