Vendor not allowing final inspection

[Hodge]

Hopefully only a hypothetical question but could be a problem for me.

What could a purchaser do if the vendor will not allow a final inspection because "she's too stressed and emotional" about moving? I don't really want to inspect the property on the day settlement as it will be hard to fix any issues and the day after is too late.

Thanks

 

[Perp]

Hopefully only a hypothetical question but could be a problem for me.

What could a purchaser do if the vendor will not allow a final inspection because "she's too stressed and emotional" about moving? I don't really want to inspect the property on the day settlement as it will be hard to fix any issues and the day after is too late.

Thanks

Unless the standard contract has been varied, I believe general condition 22 gives you the right to one inspection at any reasonable time in the 7 days up to and including settlement day.

If she refuses, then your recourse would be to request they remedy their breach of this contractual condition.

What does your lawyer say?

 

[Propertunity]

The selling agent will talk some sense into the vendor. He/she won't get their commission until settlement takes place. No final inspection by you = no settlement, if you want, as Perp says.

 

[Hodge]

Haven't discussed with the lawyer yet as settlement is still 5 weeks away but the real estate agent has warned me of the state she's in. I'm sure she will come good but still good to know what one could do if the situation should arise.

 

[Hodge]

The selling agent will talk some sense into the vendor. He/she won't get their commission until settlement takes place. No final inspection by you = no settlement, if you want, as Perp says.

So basically the purchaser has every right to delay settlement?

 

[Propertunity]

So basically the purchaser has every right to delay settlement?

Yes, which is why it won't happen as you fear. There are a lot of parties in the transaction with vested interests in making settlement happen - the selling agent, the vendor's solicitor, the purchaser's solicitor, the lender or mortgage broker - all these people will help you to make it happen.

 

[Hodge]

I'm confident it won't be a problem but good to know for future reference.

 

[Paul@PFI]

I had a client who didn't read the contract for a property he bought. May have been QLD ? It had a clause dealing with delays that imposed a fixed $8K cost if settlement was delayed by three or more days. Then after 30 days it was a default. So $8k for between 3 and 30 days is very expensive interest. A clause intended to encourage ontime completion I guess. He was late with his bank application and they couldn't settle even when he begged. I recall it was something around the need to reapply when his pre-approval expired. He assumes it was fine. And it wasn't deductible as it wasn't interest. It was a capital cost. It wasn't waived. He had initialled it.

Read the contract is rule #1. He admitted he didn't seek legal advice.

 

[kathryn d]

Hopefully only a hypothetical question but could be a problem for me.

What could a purchaser do if the vendor will not allow a final inspection because "she's too stressed and emotional" about moving? I don't really want to inspect the property on the day settlement as it will be hard to fix any issues and the day after is too late.

Thanks

Who cares about the vendor's emotional state.
Could be a ploy to try to sneak something past you.

Either view or delay.