Building Inspections

[WebBoard]

From: Anonymous


Hi there. My question concerns building inspections. I assume that the idea of an inspection is to tell you what is wrong with a property before you purchase it. If the inspection comes back saying that the house has faults and/or repairs, does the purchaser then have the right to decide whether they want to go ahead with the deal? Is it really that simple?

 

[Lotana]

Reply: 1
From: Lotana Von Amor


Hello,

The property inspection report is very useful as a bargaining support. If it uncovers problems you have not discussed with the agent before you may try to negotiate a better deal.

Regards,

Lotana

 

[DB_Bear]

Reply: 1.1
From: DB Bear


Dear Anon

You can put in your sale contract "Subject to building inspection". This will give you an out if you find some major problems with the property. However, if it is sold at auction, you have to do all this due diligence before the auction and cannot use it as an out. And, as previously mentioned, you can use it to negotiate a lower price.

Deb

 

[WebBoard]

Reply: 1.1.1
From: Mark Pardi


You have to consider firstly the method of sale.

If its an Auction you have to have your homework completed before auction day, because on the day thats that !! unconditional sale irrespective of your property inspection report.

If it is a private treaty sale.....get your report ascertain the faults then make your offer.

A "bad" report will empower you to negotiate with the vendor/agent regarding the selling price.

Do your report then do the business.

Not many agents/solicitors/or vendors will let you sign a cooling off contract and add a subject to building reports clause.

Their goal is unconditional exchanges !!!

good luck with your property purchasing.

Mark Pardi

Property Buyers Network