Property Law: 16 November 2023
Author: Lauren Woolley & Ralph Davies - Our People
In addition to the review of the Contract and Vendor Statement, it is also essential that a purchaser conducts their own due diligence. ‘Due diligence’ refers to the searches, enquiries and inspections that a buyer may undertake when considering whether to purchase a property.
These searches may relate to the structure and on the land that the structures sit on. The searches may relate to enquiries of local, state, or federal authorities (relating to proposed use or renovations), the owners corporation (if there are significant works planned), or private companies (such as a builder who undertook construction).
It is also recommended to have a qualified professional undertake a building and pest inspection of the property to ensure that the property has the relevant approvals, is built in compliance with standards and has no underlying defects.