Hi all.
So I have found an older style house I wish to buy but it is going to auction - darn auctions!! As it is free standing and probably about 50 years old it seems pertinent to undertake a building and pest inspection, however I'm really not keen on forking out $600 in advance of an auction I have an unknown (but likely slim) chance of winning.
So, what I was hoping someone could advise me on is the purchaser's rights re: cancelling an auction contract (ie: unconditional) after signing due to a major structural fault or severe infestation. Is this reasonable grounds to cancel or does the whole unconditional thing completely negate this?
Secondly, what are the vendor's responsibilities to disclose defects? If they are asked outright if any are known, do they have to disclose and what are the repercussions if they fail to disclose and they are found after contract signing?
Thanks so much for any guidance. I know to some people spending the $600 prior is worth it, but to me it's a massive waste of money in the current market where we're likely to be out-bid on the day.
So I have found an older style house I wish to buy but it is going to auction - darn auctions!! As it is free standing and probably about 50 years old it seems pertinent to undertake a building and pest inspection, however I'm really not keen on forking out $600 in advance of an auction I have an unknown (but likely slim) chance of winning.
So, what I was hoping someone could advise me on is the purchaser's rights re: cancelling an auction contract (ie: unconditional) after signing due to a major structural fault or severe infestation. Is this reasonable grounds to cancel or does the whole unconditional thing completely negate this?
Secondly, what are the vendor's responsibilities to disclose defects? If they are asked outright if any are known, do they have to disclose and what are the repercussions if they fail to disclose and they are found after contract signing?
Thanks so much for any guidance. I know to some people spending the $600 prior is worth it, but to me it's a massive waste of money in the current market where we're likely to be out-bid on the day.