Final inspection - how much time to fix?
- Thread starter giraffez
- Start date
It depends on what it is that might hold up the settlement. Unless something has broken or changed since they entered the sale contract, there should be no need to "fix" anything.
If (for example) the screen doors were broken or the laundry tub was cracked when the house was inspected and the contract entered, these cannot be used to delay settlement.
If (for example) the screen doors were broken or the laundry tub was cracked when the house was inspected and the contract entered, these cannot be used to delay settlement.
From my understanding the property has to be in a materially different state to when it was first purchased in order to delay settlement. As penny said, if it's just something small like a broken door then maybe an adjustment can be made at settlement for the cost of fixing it if the damage is beyond 'normal wear and tear'.
However, if the house had actually fallen down due to the vendor's actions then this might be cause for delayed settlement or even termination.
However, if the house had actually fallen down due to the vendor's actions then this might be cause for delayed settlement or even termination.
There is no set time. Typically, when we have delayed settlement, we rescheduled in a few days time to allow for things to be restored to as they were at exchange. One one purchase, we delayed a total of 3 times over the course of 2 weeks until all their construction materials (truckloads of it) we removed.
Alternatively, if you want settlement to proceed on the set day, then you can:
1. Agree to hold funds out of the settlement monies to cover the costs.
2. Agree to hold funds out of the settlement monies for up to say, 1 week. During this time the vendor has to 'make good'. If vendor does not perform, then monies are kept. (When we do this one, we usually make the money with-held about 2x the likely real cost. We do this for 'hurt money' so it encourages the vendor to make good, but in the event that he/she doesn't, we also make a profit for our time & trouble, as a purchaser).
From our recent experience, unless you are able to prove that the significant difference then you will not have a leg to strand on.
We always photograph any property we place an offer on and forward a CD copy onto the vendor upon exchange.
This saved us on the last one wherein we negotiated with the vendor on several damaged doors and the missing shower head and toilet roll holder.
Plus, an important note that we also learnt. Upon settlement, the property does not need to be clean.
We always photograph any property we place an offer on and forward a CD copy onto the vendor upon exchange.
This saved us on the last one wherein we negotiated with the vendor on several damaged doors and the missing shower head and toilet roll holder.
Plus, an important note that we also learnt. Upon settlement, the property does not need to be clean.
We have only delayed twice ... once for extra "stuff" to be removed from the house, and ther other was because the vacant possession wasn't vacant.
Unless there is something beyond wear and tear - such as a new gaping hole in the wall - settlement goes ahead.
If settlement is delayed due to the vendor not rectifying, then I will assume they get charged 10%pa of the purchase price for however long the delay ... as in the contract.
Unless there is something beyond wear and tear - such as a new gaping hole in the wall - settlement goes ahead.
If settlement is delayed due to the vendor not rectifying, then I will assume they get charged 10%pa of the purchase price for however long the delay ... as in the contract.
Similar threads
