Legal Considerations for Melbourne Property Investors

We’ve said it before, and we’ll say it again: buying property isn’t easy.

There are dozens of things to consider before buying a property in Melbourne. Budget, building condition, short- and long-term goals, suburb profile – all of these factors have to be assessed before you pop that bottle of champagne to celebrate the purchase.

But there’s another set of considerations which are, by far, the most tricky and foreign: legal considerations.

In this post, the expert property consultants at Patrick Leo outline key legal considerations for Melbourne property investors:

Zoning and compliance

Ah, yes. Zoning and compliance. The bane of many investors’ existence. But this legal consideration isn’t too difficult to navigate, as long as you check and do your research before buying – at which the team at Patrick Leo are experts.

Does this property suit your goals? That’s the main question behind uncovering the local zoning and compliance laws. Let’s say you’re about to buy a big block of land, on which the ultimate plan is to build several homes and rent out. If the council hasn’t zoned this land appropriately, you’ll run into a roadblock there, and may not be changed for years, if not decades.

Heritage listed buildings can present similar problems. If you’re planning on investing in a local heritage listed building and want to conduct renovations, you may need to seek approval from the council, or it may not be possible at all. Patrick Leo are specialists in navigating these legal considerations for Melbourne property investors.

Due diligence

Buying a Melbourne property requires a high level of conducting due diligence. This entails delving into the property’s legal status, existing leases and contracts and special considerations such as easements, which can restrict the owner from how they use their property (including pathways, supply of utilities and access roads). Conducting due diligence is all about making sure you know what you’re buying, avoiding any ‘nasty surprises’ down the track.

Navigating the contract

Another legal consideration is the contract: navigating it and understanding it in full. It’s always recommended to have a lawyer or conveyancer pick your contract apart before signing it; these professionals are experts at decoding legal and building terms, and spotting anything out of the ordinary.

Patrick Leo is connected with specialist conveyancers and lawyers who identify the terms, conditions, warranties, and any clauses that outline responsibilities or potential liabilities. Reading this fine print could save you from making an investment mistake.

Though legal considerations for buying property in Melbourne may seem complicated, it becomes much easier when you have a team of expert consultants like Patrick Leo on your side. Our specialist researchers are highly experienced in delving into all of these legal considerations before we help our clients buy a property. Our team helps you achieve abundant wealth with quality investment strategies that suit your personal goals. Have a chat with Patrick Leo today and continue your journey to financial freedom.