Considering ownership.
WHAT TO ESTABLISH
Whether you can afford it, including everything beyond the price How long you intend to stay Whether the money could serve you better elsewhere
WHY DURATION MATTERS
Transaction costs are substantial and they are recovered over time.
WHAT COSTS BEYOND THE PRICE
Legal and documentation fees Registration and transfer charges Survey and verification Agency fees Immediate repairs Ongoing maintenance Rates and charges
WHY MAINTENANCE
It falls to the owner, and it is continuous.
WHAT TO ESTABLISH ABOUT TITLE
Who owns it Whether the title is clear Whether anyone else has a claim Whether it is subject to any dispute
WHY IT MATTERS ABSOLUTELY
Defective title is the principal risk in property purchase.
WHAT TO DO
Have title verified by a solicitor, independently.
WHY INDEPENDENTLY
The seller's adviser acts for the seller.
WHAT TO VERIFY
Documents at the relevant registry That the seller is the registered owner That there is no encumbrance
WHAT TO BE CAUTIOUS OF
Property sold below market value Pressure to complete quickly Reluctance to permit verification Sellers acting through intermediaries without clear authority Family land with multiple potential claimants
WHY THAT LAST POINT
Disputes about inherited property are common and they arise after purchase.
WHAT TO ESTABLISH
Whether all parties with an interest have consented.
WHAT TO NEVER DO
Pay before verification is complete Pay in cash without record Accept assurances in place of documents
WHAT TO OBTAIN
Legal advice, throughout.
