building & pest inspections

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From: Anonymous


Hello gurus,
I intend to purchase Victorian terrace in the inner Melbourne areas. Nearly all such properties are for auctions only. So how can one arrange for building & pest inspections, or just take my chances and bid in the auction and hope the property does not have any structural problem or termite infestation.
Thank you all.
 
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Reply: 1
From: Paul Bennett


In most states you have two options:

1. Arrange for the inspection BEFORE the auction.
2. Use the 5 day cooling off period after purchase to complete your searches, inspections, etc (not sure if the cooling off period is applicable to auctions..?)

PJB

"Skill to do comes of doing"
 
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Reply: 1.1
From: Asy .


CAREFUL!!!

Victoria only has a 3 day cooling off period, and it DOES NOT apply to properties purchased AT or in the 3 business days before or after a publicly advertised auction. Also there is no cooling off on properties where the purchase price is in excess of $250,000. (There are other provisions, you may want to have a look at Section 31 of the Sale of Land Act, which is also on the front of EVERY real estate contract).

You will probably also not be able to put any 'subject to' clauses into a contract for a property purchased at auction.

I would suggest if you are really keen on a particular property you have it inspected prior to the auction. (The accountant-y types here will be able to tell us how if if this cost is claimable)

Good luck..

asy

PS: usual disclaimers apply.

There are no problems, only solutions which have not yet been discovered.
 
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Reply: 1.1.1
From: Michael G


Asy,

Can you have those provisions written into a contract anyway?

Michael G.
 
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Reply: 1.1.1.1
From: Anonymous


Hi Paul, Asy, and Michael,
Thank you very much for your responses. I am reluctant to spend over $500 for the inspections prior to auction as there is a very good chance that my bid may not be successful. Also buying in auctions in Victoria has no cooling off period and subject to conditions. Just wondering what the others do in situation like this.
Thanks.
 
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Reply: 1.1.1.1.1
From: Jacque Parker


why not put an offer in prior to the auction, if you really want the property? It can't hurt, and they can only say no. God, how I hate auctions. What ever happened to a transparent property market?! Cheers, Jacque :)
 
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Reply: 1.1.1.2
From: Asy .


MG,

(Sorry for late answer, I replied the other day, but apparently the machine ate it...)

What provisions are you asking about?

:eek:)

asy



There are no problems, only solutions which have not yet been discovered.
 
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