Due Diligence Checklist
This stage transforms your strong on-paper options into properties you can genuinely consider purchasing.
This step is the most critical and intensive.
However, by understanding the framework and process, you can confidently apply these techniques yourself and make fully informed decisions. The goal of 360 is to thoroughly review each property in covering pre inspection investigation, professional consultation & offer preparation.
Pre-Inspection Investigation
Before stepping inside a property, review it in detail online. This involves examining the listing photos, floor plans, and any video or drone content. Study the street and neighbourhood using satellite imagery and virtual maps, comparing these to subdivision plans within the Vendor Statement. This approach often highlights issues such as neighbouring developments, access concerns, or property layout problems. Pre-inspection research is a time-saving step that can remove unsuitable options early, ensuring you focus only on properties that meet your brief.
🎥 Watch the training video: Pre-Inspection Intelligence Filter
Contract of Sale & Vendor Statement Review
Once a property passes the pre-inspection stage, review the Contract of Sale and Vendor Statement. This step is essential for identifying red flags before investing more time in the property. Understanding how to read contracts and vendor statements allows you to spot potential risks, obligations, or hidden costs. We’ve prepared a detailed video showing the top five red flags to watch for in a contract, which often eliminate properties that could cause problems down the line. Doing this first also allows you to cross-reference details from subdivision plans and street imagery, revealing issues that may not be obvious in photos alone.
Scheduling the Inspection
After the property passes the pre-inspection and contract review, it’s time to schedule the inspection. Speed is critical as high-quality properties can sell in hours. This is one of the most powerful reasons to work with a Buyer's Agency that can respond instantly. For those managing inspections remotely, clear instructions and preparation are essential to avoid missing anything during the walkthrough.
Conducting a Remote Inspection
If you cannot attend the inspection yourself, the walkthrough must be recorded. This allows you to pause, review, and assess at your own pace, unlike live FaceTime calls. During the inspection, you need to capture every room, appliance, and outdoor space. Ask questions about recent maintenance, renovations, or known issues, and make sure the person attending understands your requirements and does not make personal judgments. Inside the Shortlist, we provide detailed training you can pass on to your representative on how to record a property inspection.
📞 Need support? Book a no-obligation call to discuss any property on your Shortlist.
Building Inspection
The building inspection is an opportunity to thoroughly examine the property’s physical condition. Attending alongside the building inspector is highly recommended, allowing you to spend extended time testing appliances, checking windows, doors, vents, heating and cooling systems, and ensuring the overall condition aligns with expectations. While building inspectors focus on structural issues, it’s vital to document everything else, including cosmetic or operational items. These records are invaluable for post-purchase reference, repairs, or disputes.
Legal Review
A licensed conveyancer or lawyer reviews the contract and vendor statement to ensure transparency, fairness, and compliance. They verify that all obligations, covenants, and disclosures are clear, protecting you from legal issues once you enter a contract. This step is essential, as it ensures you fully understand your rights and obligations before committing.
Offer Preparation
Before negotiating, all gathered information must be reviewed. Inspection videos, building reports, and legal notes. At this stage, you evaluate whether the property aligns with your Shortlist. The pre-offer investigation also considers the sale method, private sale, off-market, auction, or expression of interest, which can impact timing and purchase strategy.
Negotiation & Decision Making
With all due diligence complete, you’re ready to negotiate and decide. It’s crucial to remain objective and avoid emotional decision-making, as real estate agents will test your commitment to maximise the price.
You now have the insights to make confident offers, guided by professional-grade research, inspection records, and legal advice. At this stage, the Shortlist 360 process ensures that you have peace of mind, knowing your remote purchase is based on thorough evaluation and professional standards.
Please note: Due diligence steps may not happen sequentially, and flexibility is key.
To access to calculators, templates, and frameworks that simplify remote property buying.
🏡 Step-by-step guidance
📊 Pre-inspection property due diligence
🎥 On-demand video training
📘 eBook – A Melbourne Property Guide