Practical information to support informed property decisions and responsible real estate practice in Papua New Guinea.
Property transactions can involve significant financial, legal and personal commitments. Before buying, confirm the identity and authority of the seller or agent, inspect the property and surrounding area, check ownership, title and registered interests, obtain independent legal advice, confirm all costs, ensure important representations are written into the agreement, keep receipts and understand the conditions of sale before signing. Buyers should not rely solely on advertising material or verbal statements.
Property owners should obtain an informed assessment of likely market value, compare agency services and fees, confirm the agency appointment in writing, understand whether the appointment is exclusive, sole or open, ensure advertising claims are accurate, provide relevant property information, retain copies of documents and obtain legal advice before signing contracts or accepting an offer.
Landlords and tenants should document the rental arrangement in writing. The agreement should identify the parties and property, rent and payment schedule, bond or security deposit, tenancy period, maintenance responsibilities, inspection and access arrangements, and the process for ending the tenancy. Tenants should inspect the property before moving in and report existing damage. Important decisions should be recorded in writing.
