Vendors to foot P&B inspection bill in NSW

At last, some sense in NSW :p
from http://www.rebonline.com.au/breaking-news/3005-vendors-to-foot-inspection-bill

Vendors, rather than homebuyers, will soon be forced to pay for building and pest inspections. In a bid to streamline property buying, the NSW premier Kristina Keneally has given the new vendor legislation her seal of approval......

It has always appeared to be ridiculous to me that 10 registered bidders at an auction have to go out and order & pay for 10 separate pest & building inspections. Yes, I know there were (are) issues around who the P&B company's insurance is supposed to cover etc.......but hopefully this will all get sorted.
 
i agree this is a great idea!

also it may make vendors aware of problems they didn't know about and give them a chance to correct it before it costs them a sale.

Also for auctions it really makes sense... not only is silly seeing all the buyers get it done.. but will save me as the agent some time not having to attend 10 different pest and building inspections on the property :)
 
I applaud it as well. Though, with the obvious conditions and regulations required to make it successful and "independent"...

I read this a while ago http://inner-west-courier.whereiliv...building-reports-could-become-less-of-a-pest/

and thought Eyeon were very clever, perhaps taking a risk on some properties but winning on several others, as long as they can get a minimum of two potential purchasers buying their reports pre-auction (given their refund system). Splendid thinking :) but they do need mass advertising to make it work, as not all auction buyers will necessarily know about their service.

Matt Brown proposed this idea last year but, as far as I know, no legislation is in the works- it's simply a proposal. With enough support and action, however, I believe it could well work to be a viable option for strung out auction would-be buyers. Would also make it easier on agents and vendors too. A winning proposal all round.
 
At last, some sense in NSW :p
from http://www.rebonline.com.au/breaking-news/3005-vendors-to-foot-inspection-bill



It has always appeared to be ridiculous to me that 10 registered bidders at an auction have to go out and order & pay for 10 separate pest & building inspections. Yes, I know there were (are) issues around who the P&B company's insurance is supposed to cover etc.......but hopefully this will all get sorted.

Yes that's fantastic...I have a very close friend that is a builder.....:p



Regards JO
 
Correct me if I'm wrong, but isn't this already part of the process in Tas and ACT? Also, Jenman has been advocating this for years.

Personally, I think it's a great idea, as long as, as Jacque says, there is evidence of "independence".
 
As someone pointed out in another thread.. what's to stop the vendor getting multiple b&p inspections and then choosing the most favourable one?
Just thinking out allowed.. perhaps the b&p inspector should report to the re agent who is obliged to disclose all reports..
 
Just thinking out allowed.. perhaps the b&p inspector should report to the re agent who is obliged to disclose all reports..

Probably nothing apart from cost. I think you will find more top end properties - buyers may still want to do their own report, or if your solicitor is in the same area he/she may know how good the local inspector is anyway.

Overall it's a great idea, now they just need disclosure of reserves.
 
We have had this in ACT for as long as I can remember (have been living here for 10+ years). It works very well. Saves multiple potential buyers all getting reports.

And Y-Man - if it runs the same as it does here, the vendor will get reimbursed for the report cost on settlement.
 
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