Because buying a home is such a significant investment, legislators in the country have done a decent job of helping you get the best properties available. There are many consumer protections that enable buyers to engage in a fair competitive process- and to make the best decisions before purchasing a home.
Therefore, if you're looking for a home, you should be aware of how the law covers you and what rights you're entitled to during the process.
All bids are transparent
In hot real estate markets around the country, you may have to compete with other buyers for the same home. This means that the seller's asking price will often be subject to bidding so that the highest bidder gets the home.
If you're engaging in a bid, make sure you have access to what other buyers are also bidding for the same home. The law provides for transparency during the bidding process to avoid specific buyers from having an unfair advantage. With this information, you can determine how much demand the home has, and whether you're willing to outbid other potential buyers.
Many stakeholders are involved
Before closing on a home, you will typically deal with a mortgage broker, a buying agent, a home inspector, a conveyancer and many more stakeholders. These professionals act as natural checks and balances to the real estate process.
If any transaction is suspicious, your conveyancer, buying agent or mortgage lender is likely to find out in good time, helping you avoid making investment mistakes.
The double ending is forbidden
Another important protection that the law provides is that double ending is prohibited. Double ending refers to the same agent representing a buyer and seller of the same house. Agents that double end their deals typically have a conflict of interest, as they may be looking to maximise their commission without fetching you (or the seller) the best deal available.
You have access to more information
Whether you're a first-time buyer or a seasoned real estate investor, you need access to information about the home you're considering. From home inspection reports to neighbourhood information, you should learn as much as possible about a particular property before making an offer.
Luckily, real estate laws make it easy for you to access lots of information. Sellers are typically required to provide data regarding the title history, inspections, previous prices that the home sold for and much more. This information empowers buyers like you to make a more informed decision. For more information, contact your local property conveyancing service.Share