Buying property at auction has become more and more popular over the past few years, but it's important for people not to neglect doing their homework before making a purchase.
Law firm Slater and Gordon commissioned research that found many people don't understand some of the basic terminology associated with auctions – and it could cause them problems further down the line.
"If you're intending to buy at auction, or even think you might, you would want to do your research properly because, once you sign on the dotted line, you're obliged to buy that property," said Slater and Gordon lawyer Robert Kern.
Buyers should make sure they do all the research they would normally undertake when buying any other type of real estate, including title searches and pest inspections.
Having solid finance in place is also a good idea, especially if the property turns out to be valued higher or lower than you expected.
You'll still be expected to pay, but without sound financial backing, your lender might suddenly decide to withdraw its offer.
Of course, having a real estate agent in Burpengary on your side can help eliminate some of the guesswork and ensure your property buying experience is a positive one.