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Buyer Beware

BUYER BEWARE

Caveat Emptor or buyer beware are often used expressions. But do you really know what this means?
Before buying, you should thoroughly check the following. This includes:

  • Having the legal documents read to you,
  • Measuring the position of and the size of the land,
  • Checking the building for structure and for pests and
  • Checking your own finances – finance to purchase and finance to renovate.

You may want to check other things. Such as, just because you are buying a fish and chip shop, this does not mean that the Council has approved the use of that shop to sell fish and chips.  Environmental and heritage concerns may also apply.

The cooling-off period will not always save you, particularly when you are buying 3 days before or after an auction, industrial or commercial use property or a farm larger than 20 hectares. If you try to cool-off, you will lose some of the deposit.  Many people try to cool-off after the 3 – day period has expired.  There is usually no cooling-off period when buying a business. Read more