Buying : Risk Management

RISK MANAGEMENT

For your convenience click on any of the links below.

> Legal Advisers
> Financial Advisers
> Independent Valuers
> Building Inspections
> Registered Surveyors
> Building Insurance
> Contents Insurance
> Mortgage Insurance
> Self Insurance

There are a number of ways to reduce risk but two important areas are:

• Advisers
• Insurance

• Select your legal adviser prior to purchasing.
• Select on the basis of expertise, skill and diligence not just on price.
• We recommend that you do not use the same legal adviser as the seller.

• Seek good advice prior to home hunting.
• Shop around for the best conditions that suit your needs.

• Independent and council valuers may be able to assist you in price guidance and historical sales information. See Resources/Valuers.

Prior to signing the contract of sale you may have an expert in the building industry inspect the property thoroughly and supply you with a written report on the condition of the property and a general indication of the cost for repairs.

Areas of investigation should include at a minimum the condition of wiring, plumbing, stumping, roofing and structure.

Inquiries should be made with local council to ascertain whether any part of the structure has been built or renovated without the relevant permits.

Alternatively, you may (subject to the sellers approval) choose to purchase the property with a special condition included in the contract of sale. This condition would specify that a Building Inspection be conducted by a registered builder/architect and a satisfactory report obtained prior to the sale becoming unconditional.

To check boundaries and accuracy of land size. See Resources/Valuers.

• Insure the building.
• We recommend you obtain a "cover note" immediately the sale has been agreed to in writing.

• Insure your contents.
• Insure contents in transit.

• Depending on the amount borrowed a lender may require mortgage insurance.
• Check this before purchasing the property.

Consider:

• Income Protection.
• Consider Life Insurance for all purchasers.