Make sure you do your due diligence when buying property.

When buying a property, it is recommended to have a due diligence clause in your agreement. This will allow you a period of time to conduct inspections, surveys, and assessments on the property. You can also engage professionals such as building inspectors, surveyors, and lawyers to scrutinise the property's condition, title, permits, and any other relevant documentation.

The purpose of these investigations is to uncover any potential issues or hidden problems that may affect the value or desirability of the property. This may include whether the property is in a flood zone and whether buildings on the property are properly consented. If you discover any significant concerns, you have the option to renegotiate the terms of the purchase with the vendor or withdraw from the agreement altogether.

It is advisable to consult with a lawyer before signing an agreement to purchase a property to draft a comprehensive due diligence clause tailored to your specific needs and circumstances.