Helpful Tips when you do a Final Inspection before settlement

Just before settlement, you should arrange with the Agent to do a final inspection of the property to make sure that the property is as you inspected and no inclusions have been changed or removed. I have found over many years that the final inspection is an important and integral part of the process......it can often postpone settlement until issues are rectified. 

Buyers should aim to do the final inspection as close as possible to the settlement date or early on the settlement day if possible.

Here are a few things buyers should consider when they do the final inspection:

• Make sure that items listed as "inclusions" on the Contract are in fact still part of the property. For example: pool equipment, dishwasher, blinds, TV Antennae, light fittings, curtains etc. Check your Contract.
• Make sure there are no items left behind. Check cupboards, built in wardrobes, roof void, under the house, sheds etc.
• Make sure you get into the garage. Often, some Agents say they have forgotten the key to the garage only to find after settlement that there is a bed mattress or rubbish left in there. After settlement it is too late to get this removed by the Vendor.
• Make sure the Agent has all the keys. Keys to the garages, sheds, window locks, front door, back door, letterbox etc.
• Make sure all remotes have been left behind - For example, Air-conditioner remotes, garage doors, heaters, automatic blinds, TVs etc
• Make sure all rubbish has been removed. Don't forget to look in the roof cavity (through the manhole) and under the house.
• If the electricity is not on - just check the main box. The Vendor may have switched the power off at the main.

These are just a few general ideas and suggestions that you may wish to consider when you do a final inspection before settlement. 

Comments by Dean Carver

Real Estate Lawyer - Carver Lawyers

Phone: (02) 9773 4550

NOTE: Would you like to know what houses in your area have been sold for?......order your FREE copy of the Postcode Sales Report (normally valued at $99.00).

Buying or Selling real estate at Auction - VIDEO

Here is a short video prepared and distributed by the NSW Office of Fair Trading. It provides some helpful advice on the rights and responsibilities of bidders and auctioneers before, during and after the Auction.



If you are buying or selling real estate at Auction and need legal advice or assistance bidding at the Auction, I can be contacted below.

Comments by Dean Carver - Property Lawyer
Carver Lawyers
Phone: (02) 9773 4550

3 things you should do before you sell a home

Before you decide to list and sell your home, make sure you do the following:

1. Get a copy of the NSW Fair Trading's Fact Sheet on Agency Agreements. This guide will provide information on engaging an Agent and the different types of Agency Agreements that exist in the marketplace. It also provides useful information regarding how to start and end an Agents appointment as well as what fees and commissions you are liable for. To get a copy of the fact sheet, you can click here
2. Make sure the Agent is licensed to sell your home. Check out the Fair Trading website "Licence check" facility. Click here to go to the relevant section of the NSW Fair Trading website
3. Do your research. Attend a few auctions in your area to find out the true success of an auction program for your relevant area. Also obtain a Sales History Report which sets out all the recent sales in your area. This will give you a good idea of what price range your property is worth in today's market.

If you are not sure of the process, you should contact your Solicitor to guide you through the sale.

Comments by Dean Carver

Property Lawyer - for Carver Lawyers (Sydney)

Phone: (02) 9773 4550

Home Sellers Tip - Present the home in its best light.....

If you want to sell your home- present the home in its best light. Just like selling a car, you need to clean the car and make it appeal to buyers.

You don't want to give the buyers the opportunity to find fault and use those faults to negotiate the sale price of the property down.

Here are a few low cost repairs and ideas to help you present the home well:

• Mow the lawns
• Clean all the windows
• Clean the bathroom and toilet thoroughly
• Make sure all appliances work well
• Make sure all lights work. Change globes if necessary
• Clean floors
• Remove clutter
• Tidy yard. Remove rubbish. Go to the Tip if necessary
• Fix leaking taps and toilets
• Fix squeaking doors
• Clean gutters
• Fix garage door if necessary
• Do lawn edges
• Replace missing or cracked tiles
• Clean driveway and footpaths....water blast with pressure cleaner
• A fresh coat of paint always helps
• Clean curtains and/or blinds
• Remove cobwebs
• Make sure gates and gate locks work
• Clean pool
• Make sure letterbox is straight and not falling down

Implement some of the above ideas and you are on your way to achieving a great price for your home!

Comments by Dean Carver

Property Lawyer & Strategist - "providing Solutions for Home Sellers"

Phone (02) 9773 4550 

Sellers - 5 Tips in 5 days

Selling your house, unit or investment property can be a stressful time if you don't have all the facts and know the tips, tricks and pitfalls of the real estate industry.

Over the next 5 days, I will post 5 tips for sellers that can achieve results in today's market. These tips are from my upcoming book soon to be released to clients and readers.

Stay tuned........if you need more information, you can email me or contact the office.

Regards
Dean Carver
Property Lawyer
Publisher - www.deancarver.com.au

Buying or selling real estate - read a few books first

Buying or selling real estate in today's market can be a daunting and stressful time in any persons life. During the process you will be making important decisions that could potentially increase your wealth or substantially reduce your wealth by thousands.

When you go out into the world of real estate, you deal with professionals in all areas: Real Estate Agents, Lawyers, Valuers, Tradesman, Mortgage Brokers etc. These professionals practice their trade daily and usually get very good at it. I would suggest that any person going into the "real estate world" to buy or sell a house should educate themselves on the process, the tricks and some of the traps.

I found a few good practical books that are based on common sense, that are unbiased and simple to read. I strongly recommend any of these books:

• The Ultimate Guide to Real Estate - (John McGrath)
• Don't sign Anything - How to protect yourself from the tricks and traps of real estate(Neil Jenman)
• Real Estate Mistakes - How to avoid them How to save your money (Neil Jenman)

These are just a few books I have read and found useful. There are plenty of other books on the market. Just make sure they paint an unbiased view and are written by authors with practical experience in the industry.

All these books can be found in most good bookshops or on ebay.

Best of luck.

Comments by Dean Carver - Property Lawyer

Carver Lawyers - Sydney NSW

Phone (02) 9773 4550 

www.deancarver.com.au

The Agent says "you're asking too much - REDUCE THE PRICE"

This is a common phrase used by many Agents in today's real estate market. Homeowners are being told regularly that their house is not selling because they are asking too much. They need to reduce the price to attract buyers to the property.

After the property has been on the market for a few months and remains unsold, the homeowner will reluctantly reduce the price.....but soon thereafter, the price reduction does not result in a sale. Why not?

Homeowners are all too familiar with this scenario. The issue is not always about the price of the property. Where are the buyers? The buyers aren't there even if you reduce the price. The real problem in today's market is affordability and the ability to secure finance.

Reducing the price does not always secure a sale......take for example a home owner that reduces the price from $450,000 to $425,000, a huge $25,000 price reduction. A buyer interested in this property at a purchase price of $450,000 will need to come up with a 10% deposit which is $45,000. When the price is reduced to $425,000, the buyer still needs to come up with $42,500 (deposit of 10%). By reducing the price it does not substantially change the deposit a buyer needs to get into that property. The real saving on the deposit required is $2,500.

There are less and less buyers with substantial saved deposits in today's market. Unfortunately, the Banks are requiring substantial deposits in order to approve finance for the remaining amount of the purchase price.

Agents need to look to alternative strategies to achieve a sale........but Agents continue to use the old way which is reducing the price. In this market, reducing the price may bring the price of the home to less than what is owed on the mortgage and leave the owner in negative equity.

Agents should consider such options as vendor finance and terms contracts and at least offer these options to a home owner. Times are changing, and Agents need to change with the times.

It is possible to secure a sale without reducing the price, but the homeowner needs to always keep in mind what the true value of the property is when going to the market looking for buyers. Implement the right sales strategy and the property will sell.

If you have a house that the Agent can't sell - give me a call and we can work on a strategy to sell that suits your circumstances.

Comments by Dean Carver - Property lawyer .
Phone: (02) 9773 4550

Should you use a professional photographer when you sell?

A photograph speaks a thousand words.......

When you place your property on the market for sale, one must agree that you should present the home in its absolute "best light" to appeal to buyers.

With the advent of the internet and the fact that most buyers now look to the internet as their first point of enquiry when searching for a home to buy, it is imperative that you create a great initial impression.

14 Tips to consider when hiring a Real Estate Agent

Finding a good real estate agent takes some research. Here are my 14 tips you should consider when hiring a real estate agent to sell your property:

1. Get a Sales History Report for your suburb and street.....find out what other similar properties have sold for in your area
2. Consider ordering a Valuation from a Registered Valuer so you know exactly what your property is worth in this market
3. "Phantom shop" the Agent: Visit properties for sale by an Agent you are considering - find out how they treat buyers because that is the way they will treat your buyers.
4. Make sure the Agent gives you a price guarantee - if they don't get the price they promise, then the fee is ZERO
5. Don't just choose an Agent because they charge the lowest commission - another agent that charges a bit more might be able to get you a much better price
6. Find a Good Negotiator - Be careful of Agents that negotiate on their commission. Agents that quickly reduce their own fees will only quickly reduce the price of your property. If they give away their own money, they will easily give away yours.
7. Be careful of the Agent that gives you the highest quote for your property.
8. Don't pay for upfront marketing costs. A confident Agent should cover these costs. However, you should consider paying for the costs of a good signboard and a professional photographer. For the small cost involved, these make your property present much better.
9. Interview Agents until you find one you like
10. Never hire an Agent you don't like
11. If the Agent insists on "open for inspections" - make sure they will take responsibility for any loss.
12. Ask the Agent to substantiate the price quote by comparing to other similar properties that have been sold.
13. Ask the Agent "How will he get the best price for your property?"
14. Get legal advice on the Agency Agreement before signing

The above tips are just a few things you should consider and are by no means an exhaustive list. 

If you are considering selling your property, make sure you get legal advice before you sign with an Agent. It is imperative that you get a Lawyer to have a look at the Agency Agreement before you sign.

Comments by Dean Carver

Property Lawyer and Strategist

Phone: (02) 9773 4550

Watch out for the Sewer that cuts across the property

Watch out for the sewer that cuts across the property.

I recently acted for a buyer who was interested in a property that had a sewer that ran straight across the block of land and under the house. It is important that you check the sewer diagram contained in the contract to make sure that you are aware of any sewer or proposed sewer that may affect the property.

A sewer that cuts in the middle of a property can have potential problems if you decide to rebuild in the future or if you wish to put in a swimming pool on the property.

The contract should also contain a letter from the relevant sewer/water authority that indicates that the Authority is aware that there is a property built over the sewer and that it complies with the Authority's guidelines and legislation.

Prior to exchanging contracts it is also suggested that you arrange for a plumber to have a look at the sewer diagram as well as an onsite visit to guide you regarding future development and problems with encasement of the sewer if the house is rebuilt or any further strengthening that may be required.

If you intend putting in a pool in the yard, also worth arranging for a pool company to have a look at the site and the diagram to advise whether a pool is possible.

These are general comments and you should discuss any purchase with your lawyer before you sign the contract.

Comments by Dean Carver
Solicitor at Carver Lawyers