Timing the property/pest inspection

[damo03]

Hi All,

Looking to buy my first home/IP so I have a lot of questions. This is for a house in Victoria.

When organising the building inspection; if you plan to do it during the cooling off period after an accepted offer can your offer be unconditional? I.E. Is the offer "subject to a satisfactory building and pest report" only needed If I am not going to conduct the inspection during the cooling off period?

On a similar note, If I build a clause into the contract "subject to a satisfactory building and pest inspection" and the property has major issues, do you lose the deposit or a certain percentage if you pull out of the contract after the cooling off period because of the building or pest inspection report?

Thanks.

 

[Tony3008]

Why would you want to make an unconditional offer, planning to get the inspections done during the cooling off period? If the inspector can't make for some reason (illness, accident etc) your offer goes unconditional with no recourse for defects uncovered by a later inspection.