EPI 052 | Making informed property decisions with David from Property Planning Australia

Everyday property investing - podcast episode

Making informed property decisions with David from Property Planning Australia

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(1:00:11 min)

DOWNLOAD (Right click and ‘Save as’):  EPI 052 | Making informed property decisions with David from Property Planning Australia 

Things we talk about:

  • Mastermind Jo’s NZ trip
  • Learnings from our recent sale: contract clauses and building inspections
  • David Johnston of Property Planning Australia on making intelligent and informed property decisions

Quick Tip & Action

  • Go to your state-based real estate institute website and download a copy of a standard contract and review it so that you are familiar with the content of contracts.

Kaz’s Sample Email 

This is an extract taken from an email I sent back to the real estate agent after reviewing the contract that had been prepared. Don’t be afraid to ask for changes like this – but be sure to consult your professional team!  I’m not a lawyer or a conveyancer and I’m simply sharing things from my experiences – you must consult your own professional team members.

Thanks for sending this sample contract and vendor statement through for review. 

Just a couple of things:

Special Condition 1- Building Clause

Can you please change the second sentence from:

“If the report shows a structural defect, the Purchaser may end This contract, but only if the Purchaser serves written notice on the Vendor Together with a copy of the report by 21/03/2011.”

to

“If the report is not to the satisfaction of the Purchaser, the Purchaser may end this contract, but only if the Purchaser serves written notice on the Vendor together with a copy of the report by 21/03/2011.”

Special Condition 2 – Pest Clause

Can you please change the second sentence from:

“If the report shows past or present pest or termite infestation the Purchaser may end this contract but only if the Purchaser serves written notice on the Vendor together with a copy of the report by 21/03/2011.”

to

“If the report is not to the satisfaction of the Purchaser the Purchaser may end this contract but only if the Purchaser serves written notice on the Vendor together with a copy of the report by 21/03/2011.”

 

Comments

  1. Hi Kaz,

    Thanks for EPI-52… it was a great information and case study on the minefield of property contracts that you presented. Congratulations also in obtaining a positive outcome.

    As for EPI in general, it is great to see the podcasts gradually evolve into discussing more advanced topics. I look forward to other similar discussions in future episodes.

    I would like to also make the following suggestion for a future discussion. I would love to hear from a property data expert discuss ways for investors to get the most out of RP Data and the various stats that are presented in the back of those magazines. As an investor of 13+ years, I have thus far only obtained limited value from such data and have often questioned their reliability due to matters of sample size, time-span and possible month-by-month and seasonal variations. I’d be interested in your thoughts on such a topic for a future show.

    Regards,
    Paul

    • Hi Paul

      Thanks for your comments and a great suggestion regarding property data. It’s a topic I have on my ‘potential episodes’ list and it’s a tricky one too – as even amongst the ‘stats experts’ they interpret things and calculate things differently!
      I’m currently trialling a few different data providers and so have some contacts at the big data providers as a result of this – so I’ll see what I can tee up!

      Cheers,

      Kaz

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