For many people the house represents the biggest single asset/investment they have.  It is important therefore to get the purchase and sale of property right and maximise your investment.

A few key points to keep in mind when you are buying:

1.   If you are buying through a Real Estate Agent always remember the Agent works for the Vendor and not for you.  Don’t disclose anything to the Real Estate Agent you don’t want the Vendor to know.

2.   Make sure any contract you sign clearly sets out the full details of the transaction and incorporates any special conditions you may require such as, making it subject to your solicitor’s approval, obtaining a Land Information Memorandum (LIM), and/or arranging finance.

3.   Thoroughly check out the property.  Useful tools to achieve this are a LIM and a Builder’s/Engineer’s Report.  Also check the Title, Zoning and Boundaries for any problems.

4.   Think about the best ownership structure for your new property.  Options include your name alone, joint ownership, tenants-in-common, Company, Trust or Partnership structures.

5.   Make sure you have sufficient finance in place.  There are more costs than just the purchase price to consider.  For example – there is normally an apportionment of rates.

A few key points to keep in mind when you are selling:

1.   As above, make sure your contract includes full details of the transaction and any special conditions you require.  Perhaps you require a clause allowing you to cancel the contract should you receive a higher offer while waiting for the existing contract to go unconditional.

2.   Be aware of any potential problems that may hold up the sale of your property and be proactive in resolving them.  For example, it will be a problem for any purchaser if you have had a fire-place installed without a receiving a Code Compliance Certificate.

3.   If your property is security for loan advances it is most likely your lender will require repayment on settlement day to discharge the mortgage over the property.  Your legal advisor can liaise with the lending institution to arrange this.