contracts

Buying your first home or investment property is exciting — but it can also be overwhelming. Between contracts, inspections and hidden costs, it’s easy to make expensive mistakes. In a podcast episode of Should’ve Bought That, we prompted property lawyer Ciara Molloy from Haines & Polites to unpack the legal essentials of buying property in Australia. Whether you’re a first home buyer or a seasoned investor, her advice could save you thousands. Get Your Contract Reviewed Before You Commit Most buyers don’t realise that contracts are written to protect the vendor—not the purchaser.Ciara stresses the importance of having a lawyer or conveyancer review the contract before you bid at auction or make an offer. What to Look Out For Even if you’re buying privately, have the contract reviewed early. Some lawyers, offer two contract reviews included in their fee, which can prevent major issues down the track. Understand Conditional vs Unconditional Purchases If you buy at auction, your purchase is unconditional — You’re legally bound to complete the sale regardless of finance approval or building inspection results. Private sales, on the other hand, allow you to make the offer subject to conditions like: Knowing the difference is crucial. As Ciara explains, first home buyers often rush into auctions without pre-approval and end up in financial trouble. Do Your Due Diligence Before Auction Day Spending a few hundred dollars upfront could save you tens of thousands later.A pre-auction building and pest inspection can uncover issues like leaks, water damage or hidden structural problems. “I’ve seen horror stories where buyers discover water damage only after settlement,” Ciara says. “They could’ve saved thousands with a simple $500 inspection.” The same rule applies to insurance. Once your offer is accepted, insure the property immediately to protect against unexpected damage before settlement. Budget for Hidden Legal and Transfer Costs Buying a property isn’t just about the purchase price. Ciara recommends first home buyers plan for extra expenses including: Some cheap conveyancers might skip vital steps like contract reviews, so spending a little more on a quality property lawyer can offer peace of mind. Engage a Solicitor Early in Your Journey Don’t wait until after you’ve found the perfect home. Ciara recommends reaching out to a lawyer or conveyancer as soon as you start looking. The agent will often send you a Section 32 or vendor statement—a document outlining key property details. Having this reviewed upfront means you can act fast and confidently when it’s time to make an offer. Protect Yourself Against Scams and Payment Errors With digital settlements now handled through PEXA, it’s vital to confirm bank details verbally before transferring deposits or settlement funds. “We’ve seen buyers lose tens of thousands after transferring money to a hacked account,” Ciara warns. Always call your solicitor or agent to confirm trust account details before making a payment. Key Takeaway: Preparation Prevents Pain From reviewing contracts to checking neighbourhoods, the best protection for a home buyer is preparation.As Ciara’s story about the buyer nearly purchasing next to an abattoir shows, a simple site visit can prevent lifelong regret. Being proactive — with the right legal advice and mortgage guidance — sets you up for a confident, stress-free purchase. Book a free consultation with Mitch. Mitch offers a free, no-obligation consultation focused on your specific property goals. Mitch services home buyers and investors living in Melbourne, Maroochydore, Brisbane or Sunshine Coast in Australia. Click through now to book your free call and start preparing for your next property opportunity.