Important Rights Every Homebuyer Should Know

Buying a home has its fair share of ups and downs. It can be exciting on one hand and emotionally taxing on the other. From mortgage pre-approval and home price negotiations to getting the seller to accept your offer and calculating possible repair costs, there are several factors at play during the process that will test your patience. However, a home purchase is an important experience. As long as you are aware of your rights as a Canberra investment property buyer, you'll enjoy the process better and no problem will be too difficult to solve.

When it comes to purchasing property, buyers are entitled to certain rights under state and federal laws. They can assert these prior, during and after a home purchase. Some variables may affect these rights and territories often have conflicting laws. Generally, they include:

Freedom from discrimination

Every homebuyer, regardless of age, gender, ethnicity, income, marital status or disability, has the right to be free from discrimination during their home search. Many homebuyers face discrimination when applying for mortgage or approaching an agency. If you feel you have been treated less favourably by any real estate institution or agent, you can file a complaint.

The right to be informed

If a property title comes with all kinds of encumbrances, sellers are required by law to inform their prospective buyer. It is ideal to come clean from the onset and set expectations straight. Sellers should avoid withholding information that may later on put the buyer in a difficult situation. Whatever lien and easement issues a property is subjected to, the buyer has every right to be informed about them and other such problems, no matter how trivial.

Freedom to refuse a mortgage lender

When your mortgage has been approved but rates did not meet your expectations, you have the right to decline a lender's offer. Lender cannot force you to sign an agreement against your will. Neither can they sue you for approaching a different mortgage firm or signing a different mortgage agreement. Buyer can only be held accountable if, through their own fault, they breached the contract signed with the lender.

Fair Market Value rights

As a buyer, you can have a property assessed for its fair market value, the property's true worth as determined by the market's law of supply and demand. This lets you know whether a seller is overpricing or underpricing their home. It also lets you present a better offer and get ahead of competitors. Seller cannot prevent you from conducting a fair market value assessment of a property.

The right to know a property's defects or hazards

Some buyers are willing to pay for repair costs, but sellers have the duty to let them know how much they're likely to cover once they assume ownership of a property. If there are existing problems with the water supply, sewer, insulation or furnace, sellers should give buyers a heads-up. Ideally, they should empty the property from hazardous materials first before accepting an offer, but if time of this essence and they are in a hurry to dispose of the property, they need to inform the buyer of the presence of these harmful materials. In fact, seller must be transparent before they sign and seal a contract or deed with their buyer.

Always Know Your Homebuyer Rights

There are more homebuyer rights out there, but these three are the most basic. Are you looking to buy a home in Canberra or anywhere in Australia? Get acquainted with your rights as early as today to avoid getting deceived or taken advantage of. The industry can be cutthroat at times and these rights protect you from the darker side of the homebuying process. It also makes your property purchasing journey a lot more enjoyable.