New due diligence checklist at open house inspections will aid Victorian home buyers

A new due diligence checklist for Victorian home buyers will be available at open for inspections and online from October. 

Consumer Affairs Victoria director Claire Noone said the checklist would prompt buyers to investigate a range of issues that may affect the property and impose obligations or restrictions on the owner.

This includes inspecting the exact boundary of the property and whether utilities and essential services such as water, gas and electricity are connected.

Following changes to Victoria's Sale of Land Act 1962, sellers or their estate agents must make the checklist available at open for inspections.

"The questions are a starting point only and you may need to seek professional advice to answer some of them," Dr Noone said. 

Barry Plant chief executive Mike McCarthy believes the new checklist will help home buyers make a better-informed purchasing decision. 

"Most people aren't really familiar with what they should be checking, and I think the new checklist breaks it down into bite size chunks," he said.

"For many buyers, particularly those who are inexperienced in property purchases, it gives them a step-by-step foolproof guide to some of the issues."

The above is an extract from the article at : http://news.domain.com.au/domain/real-estate-news/new-due-diligence-checklist-at-open-house-inspections-will-aid-victorian-home-buyers-20140923-10jevs.html

Caroline He

4C Realty