Hail storm damage prior to settlement

[Els]

Hi All,

I'm in a weird situation at the moment and I need some advice. I've gone unconditional on a place 2 weeks ago and because of the xmas/new yr period, I had negotiated a long settlement taking it out to middle of Jan next year. My problem is that due to the hail storm in Syd last weekend, the property has suffered roof damaged.

The agent has told me that the vendor has contacted the insurance company about this. And he is aware that it is the vendor's responsibility to fix it. My solicitor is telling me that it would be best to send a building inspector to check out it out once it has been repaired.

So i'm wondering - what happens
- if the roof isn't repaired by settlement ? does that mean settlement would be delay till it's fixed or
- if the repair according to the building inspector was a bad job

any ideas or insights would be much appreciated

Thanks
els

 

[Aimjoy]

Hi All,
I'm in a weird situation at the moment and I need some advice. I've gone unconditional on a place 2 weeks ago ..... My problem is that due to the hail storm in Syd last weekend, the property has suffered roof damage.
So i'm wondering - what happens
- if the roof isn't repaired by settlement ? does that mean settlement would be delayed till it's fixed or
- if the repair according to the building inspector was a bad job
any ideas or insights would be much appreciated
els

Hi els,

Its not really a weird situation - stuff like this happens all the time. You get fires and such as well.

1. Once you went unconditional your solicitor would have advised you to get insurance on the property yourself - I trust you have done this It is important because once the contract goes unconditional you now have a registered interest in the property. So your insurance will cover it if the vendor's does not or he does not have insurance.
2. It seems the vendor has it already in hand with his own insurance company anyway.
3. Yes you can delay until it is fixed....probably
4. If it is an insurance company organising the repair I'm fairly certain that a building inspector will be OK with it - as the insurance company will be more demanding than the inspector. But take your solicitor's advice.

Relax but do take note of point 1. if you have not done so already.

Aimy

 

[Aaron Sice]

we sold our house when i was a kid in country WA.

a mini-cyclone - willywilly thing took our roof clean off after the house had sold.

settlement was just delayed due to "natural disaster" and pending repairs.

this was the 80s though.

 

[Els]

Thanks so much for the info !!!

I haven't had much luck so far with buying a property this year. I guess i will just to wait and see what happens with the insurance company

cheers
els