If you’re entering into any kind of deal, you’re going to require advisors. There are all types of specialists in their field that you will need to give you the best advice; solicitor, accountant, real estate buyer’s agents, building and pest inspector, finance advisor, etc. Whatever it is, it’s still another layer of risk that’s coming in. You still have to manage it the risk.
Obviously, you need to be dealing with somebody who you can relate to, who you can talk to, and that is a specialist in the area in which you are dealing. You don’t want to be scared of the person. A lot of people are scared of lawyers because the only time you ever hear from them is when it is bad news. Your lawyer usually doesn’t ring you just to say, “G’day”.
You do not want to be given the wrong advice in any deal, so you do need to source specialists that you can develop a rapport with. It is still a layer of risk that needs to be managed.
Whenever you’re transacting, whether it be on a property, or on a business deal, or whatever else, there’s obviously risk involved there that needs to be mitigated and controlled. When entering into the deal, there are things that will interplay and bring with them inherent risk. It could be the buy/sell process that may or may not occur. It could be the parties involved who you are dealing with. If they are only verbal agreements, promises can be broken. If it’s not written down, it could just disappear and then you have got a fight on your hands. Things like the economy can change. You may make a decision to buy a property in a particular area, like in a mining town for example, and there is risk there with the longevity of the mine. So, you need to consider those things that may affect your decision whether to go ahead or not. This is not meant to be an exhaustive list. It’s just meant to illustrate the point that if you’re in the middle of a deal, just make sure you consider every possible scenario, or seek advice and manage it before you move forward.
Being market ready holds its own risks. Where are you at? Are you ready to transact? If you’re going to contract on a property and you haven’t got your finances in place, your structures in place, or you’re not absolutely market ready, it creates risk. Obviously, some deals, particularly commercial, hold more risks than others. Risks with commercial property far outweigh risks with residential property, but all contracts need to be overviewed by your trusted advisor/solicitor.