I remember that moment, as if it was yesterday. A sudden flush. Heart aflutter. I wanted. I yearned. Yes, I had fallen hopelessly in love.
Adoration then gave way to an occupational hazard: legal pragmatism. Was my potential first home, in fact, “the real thing” or, had I been fooled by a façade?
Oh, yes: caveat emptor. Buyer beware.
There’s a common misconception conveyancing is a doddle … a bit of paper shuffling, a few strategically-placed signatures, yawn, job done. Perhaps that’s why an alarming number of homebuyers misguidedly “go it alone”.
Conveyancing is complex. For every property transaction, there’s a list of fundamental procedures and checks and, on top of those, countless possible variables a layperson just couldn’t be expected to pick up. You don’t know what you don’t know – especially when you don’t know what you’re looking for!
Going out on a LIM
When sussing out my first “love”, I headed straight to the local council – it was pre-digital days – to check the property file and obtain a LIM (Land Information Memorandum) report … and a shining example of why you should never cut corners when buying a house.
There before me, as part of the file, was the floor plan. Kitchen. Hall. Four bedrooms. Two bathrooms. Hold on a tick. Four bedrooms and two bathrooms? “My” house had only three bedrooms and one bathroom. The vendors had intended to extend the property and had submitted their plans to the council for consent, but the renovations were never done.
I did buy the house – but not before the floor plans in the council’s file were changed to the home’s actual layout. Such a discrepancy, although not illegal, could put off a potential buyer when I came to move on: “If the floor plan doesn’t add up, what other gremlins are there?”
The LIM report is a good starting place. Basically, it includes most of the council’s records on the property. This essential check can throw up nightmares-in-the-making, such as extensions that actually did take place, but don’t have council approval.
Don’t judge a book …
Remember, it doesn’t have to be ramshackle to be illegal – you’d be staggered just how many conservatories, garages and even additional rooms haven’t got the necessary building consent.
For more tips on entering property agreements with your eyes wide open check out Caveat emptor – Pt 2.
