House buyers less likely to get crucial documents, legal advice

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As Westpac moves to limit how much to lend to at-risk properties, new research finds would-be home buyers are less likely to have obtained crucial documentation or consulted a lawyer before making an offer.

Westpac this morning announced it may limit how much it lends to would-be homebuyers if the property is at high risk from climate hazards like flooding and erosion.

It comes as new research found buyers and prospective buyers are less likely to have obtained crucial documentation or consulted a lawyer before making an offer than the previous year new research has found.

The Real Estate Authority's Consumer and Public Perceptions Research found less than half of buyers were likely to seek information from a lawyer or conveyancer, get a building inspection report or valuation.

They were also less likely than the year before to have obtained a Land Information Memorandum (LIM), title search, or property files.

The authority says obtaining key property information documents is fundamental, especially at a time when first home buyers make up a substantial portion of purchases.

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