Cross River Property Group

Due Diligence Checklist

Buying Property in Victoria & New South Wales

Purchasing a property is a significant decision. Conducting appropriate due diligence before entering into a contract helps ensure you understand the property, its condition, and any legal considerations that may affect your purchase.

The following checklist outlines common areas buyers should review when considering a property in Victoria or New South Wales.

Finance Approval

Before entering into a contract, ensure your financing arrangements are in place.

This may involve:

  • Obtaining loan pre-approval

  • Confirming deposit funds are available

  • Understanding loan conditions and settlement requirements

Your lender or mortgage broker can assist with confirming your borrowing position.

Before making an offer, it is important to carefully review the Contract of Sale.

The contract outlines key details including:

  • The agreed purchase price

  • Settlement timeframe

  • Property inclusions and exclusions

  • Special conditions

  • Legal title details

A solicitor or conveyancer should review the contract to ensure you understand your obligations before signing.

A title search confirms the legal ownership of the property and identifies any restrictions that may affect it.

Things to check include:

  • Property ownership details

  • Easements affecting the land

  • Covenants or restrictions

  • Encumbrances registered on the title

Your conveyancer can help explain how these may affect future use of the property.

Local council zoning and planning overlays may influence how the property can be used or developed in the future.

It is worth reviewing:

  • Current zoning classification

  • Planning overlays or restrictions

  • Potential nearby developments

  • Council planning regulations

These factors may impact renovation plans or future resale value.

A professional building and pest inspection can identify structural issues or potential maintenance concerns.

These inspections commonly assess:

  • Structural integrity of the building

  • Roof condition

  • Plumbing and drainage

  • Evidence of termites or pest damage

  • General maintenance issues

Obtaining these reports before committing to a purchase can provide peace of mind.

Understanding the ongoing costs associated with the property is important.

This may include:

  • Council rates

  • Water rates and charges

  • Owners corporation fees (if applicable)

  • Electricity, gas, and other services connected to the property

Take time to carefully inspect the property and consider:

  • General maintenance and repairs required

  • Age and condition of major appliances or systems

  • Drainage and outdoor areas

  • Potential future renovation needs

If unsure, seeking professional advice can be beneficial.

In some circumstances, buyers may be required to arrange building insurance before settlement. This is particularly relevant in certain contract conditions in Victoria and New South Wales.

Your conveyancer can advise when insurance should be arranged.

Buying property involves legal, financial, and practical considerations. Engaging experienced professionals can help ensure the process runs smoothly.

This may include:

  • A solicitor or conveyancer

  • Mortgage broker or lender

  • Building inspector

  • Financial adviser

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