When you work as a real estate agent, you have to be good at reviewing property documentation as part of the listing and sale process. It is the documentation that will hold the pros and cons of the sale and property listing. Buyers will want to know everything possible about the property before they make an offer and it is the agent that the questions will be directed towards.
So a big part of the listing and inspection process is to ask your questions and to seek detail. In many instances the property owner will tell you some things about the property but there are times when they really do not know or do not want to tell you the whole story about the property.
The real estate agent should therefore have a list of questions that they ask relative to the property they are listing. If you like this can be a checklist. What we will do here is give you some tips on the legal issues that are part of the checklist questions.
The checklist is below gives you some of the common and big issues to get more detail about. Given that each property is unique and different, ensure that no other matters exist.
The property title needs to be searched. Add to that a search of any leases and other encumbrances that happen to be on the title. It is necessary to read them and identify the key issues; that will become part of the disclosure of the sale documentation.
The ownership of the property has to be valid and legally correct. Are you getting sale instructions from the legal owners?
Ask the owner of the property about any unregistered interests, claims, notices, or orders that may exist on the property. These are things that could impact the ownership or title settlement.
Get the survey and plan detail for the property as it will support your identification of the property boundaries from the title. Are there any issues with the boundaries of neighbouring properties?
Inspect the premises and improvements on the property. Create a schedule of those matters for the owner to certify as correct.
Understand where all property documentation is held and most particularly the leases and licences that may apply to the property. It is wise to inspect these documents prior to listing. They may turn up issues that need resolve.
Ask about heritage, environmental, and occupational orders and notices that may exist on the property. When in doubt go and talk to the local planning office at the local TheBusinessDaily.org council to get more detail or to check validity.
Are there any ownership disputes that apply to the improvements on the property? Are there any items on the property that are not owned by the property owner on the title?
Where are the bank guarantees and other security bonds under the leases being held and what is the detail of such?
Are there any existing lease incentives that are still active on the property? They will need to be tabulated and disclosed in the sale process.