How are we determining what is an asset and what is a liability? The basic rule is "Assets offer benefits, Liabilities incur costs"
We recommend you speak to the following organisations and individual property professionals during a real property transaction.
South Australian Government (Office Of Consumer Business Services)
Property Buyers Agent (without a sales or rental division)
Reputable Accountant/Financial Advisor
Reputable Conveyancer/Property Lawyer
SOUTH AUSTRALIAN LEGISLATION SETS OUT SOME EXPECTATIONS FOR REAL PROPERTY, THESE INCLUDE:
as a Purchaser
you'll receive honest and transparent answers to property queries and full disclosure of any known or reasonably known fault with the property by the Seller or Real Estate Sales Consultant
you'll be given a copy of any legally binding documents to refer for legal and financial advice prior to being asked to sign the document.
as a Landlord
you'll be properly remunerated for providing accommodation to the tenant
you'll have the property returned to you at the end of the tenancy in a condition reasonably the same to when the tenancy begun.
as a Head Tenant
you'll be able to order the Landlord to repair and maintenance your home, when reasonable and necessary
you'll be given the opportunity to respond to and negotiate the term or conditions of the lease agreement
as a Sub Tenant
you'll be able to exercise the option to have a written agreement in place with a Head Tenant, keeping in mind that this cannot contradict any hierarchy agreements they may have entered into.
you'll be given a written receipt for all rent payments made that are not made electronically through an Authorised Financial Institution (AFI)
The South Australian Government offers some guidance for property transactions, This information can be reached here
MOUNT BARKER PROPERTY MANAGEMENT'S TOP TIPS FOR INVESTING
- be clear about what you set out to achieve by investing in Real Property
- take calculated risks and accept that you cannot control the market
- the investment will only perform as well as the people that manage it