Making the decision to buy an apartment or townhouse in NSW is a big step. However, it is easy to get excited and forget about your rights. This, in turn, depends on the contract for sale plus a number of equally important documents. So here is a list of the most common documents that you will need when buying your dream home.
1. Contract for Sale
First and foremost, you will need the contract for sale. This document will identify the property in full detail. It will also state the terms on which the property is being sold. In other words, you will find the price, when to pay the deposit, and the time and date of settlement. Bear in mind that residential properties in NSW cannot be bought without submitting a signed contract for sale.
2. Copy of the Property Certificate
The solicitor of the sellers has to provide property certificates NSW to the solicitor of the buyers. Get a copy so you have all the updated information about the property. That way, you can find out if there is any breach of legal groundwork for the property. This document will also state any history or pending legal action by the Council.
3. Zoning Certificate
Issued by the local council, a zoning certificate lays out information that may impact how a property is used. It provides information on planning controls and any development restrictions on the property as per the Local Environment Plan (LEP). It is very important that you read it before buying your home as the latter can affect the sale price.
4. Drainage Diagram
You need to have the drainage diagram of your new home. This is an official document by the water board that shows the basic layout of the pipes running on the property. With this in hand, you can check what has been done to the property and whether they meet the quality standards.
5. Copy of the Plan for the Land
You should also get a copy of the plan for the land. This document allows you to check all the measurements and legal boundaries of the property. Basically, it is a map that shows the size and shape of the property. It would also lay out the dimensions and distances of important boundaries and any physical monuments or markers. Rights of ways and easement should also be marked. Sometimes, they may be on separate copies. Please ensure that everything is correct. Otherwise, please seek advise of your legal practitioner or licensed conveyancer.
6. Copy of Strata Plan
If you are purchasing a unit or townhouse, then you will also need the strata plan. This is similar to the previous. The difference is the layout of the strata scheme also shows the common property boundaries. Make special notes on features like sliding doors leading to balconies, balcony railings and garage doors. Check whether these are common property.
7. Copy of By-Laws Regarding the Use of Common Property
It is also important to get a copy of the by-laws when you are purchasing a unit or townhouse. This is because each strata scheme has its own by-laws, which may vary significantly from scheme to scheme. These are a set of rules that owners, tenants and visitors should adhere to. This concerns accepted behaviour and the proper use of common property.
Because no two properties are the same, likewise, no two contracts and related documents will be the same either. Therefore, we hope that this article has been helpful to you in some way.