Over the years we've had various buyers, who for one reason or another, elect a long settlement period for their situation. Whilst this can be advantageous in terms of cash-flow (and, in a rising market, extra cg before title transfer) it's not always the right choice if you want to find the property in more or less the same condition as when you purchased.
Though most vendors are fair and reasonable when it comes to maintenance, there are those who simply hang up their tools in the interim and turn into A-Class slobs- trust me, I've seen sufficient in the 6 week period, let alone a few months! A recent example of a colleague BA was a buyer who had a 6 mth settlement period agreed (owners were going overseas for a work post so it suited all parties) and when it came time for the pre-settlement inspection, the place was awful- not only unclean but it looked as though they hadn't picked up a cleaning rag since exchange. He described the oven and stovetop area as something that would be 30% lighter if they'd taken the grease with them
It was a battle to obtain funds prior to settlement, as the owners were already overseas, difficult to deal with and claimed that the filth was due to "fair wear and tear". The guidelines around the state of the property at settlement can be a grey area, as the law states that the purchaser is to "ensure the property is in the same condition it was at the time of exchange, excepting normal wear and tear".
As the inclusions are marked on the contract and therefore easily accountable at psi time, it's imperative that buyers check everything else thoroughly (keeping in mind that most building inspectors don't test electrical/gas items or pools, septic systems etc) so there are no nasty surprises. We take photos and double-check these at PSI time to increase our chances of discrepancies being overlooked. Most vendors are reasonable and fair, however there are always those who are going to use the wear and tear angle, so it's food for thought if you are going to pursue a longer settlement, particularly a PPOR.
Staged properties also can look not only barren and bare when empty, but some buyers are shocked to find the whole "atmosphere" of the place drastically different when furniture and the incense sticks are no longer in place. As with all property, do your DD, check the inclusions and state of the property at exchange, be realistic and take lots of photos. If you are especially concerned, a clause or two from your solicitor can go some way into ensuring you move into the property in a "cleaner" state.
Though most vendors are fair and reasonable when it comes to maintenance, there are those who simply hang up their tools in the interim and turn into A-Class slobs- trust me, I've seen sufficient in the 6 week period, let alone a few months! A recent example of a colleague BA was a buyer who had a 6 mth settlement period agreed (owners were going overseas for a work post so it suited all parties) and when it came time for the pre-settlement inspection, the place was awful- not only unclean but it looked as though they hadn't picked up a cleaning rag since exchange. He described the oven and stovetop area as something that would be 30% lighter if they'd taken the grease with them
It was a battle to obtain funds prior to settlement, as the owners were already overseas, difficult to deal with and claimed that the filth was due to "fair wear and tear". The guidelines around the state of the property at settlement can be a grey area, as the law states that the purchaser is to "ensure the property is in the same condition it was at the time of exchange, excepting normal wear and tear".
As the inclusions are marked on the contract and therefore easily accountable at psi time, it's imperative that buyers check everything else thoroughly (keeping in mind that most building inspectors don't test electrical/gas items or pools, septic systems etc) so there are no nasty surprises. We take photos and double-check these at PSI time to increase our chances of discrepancies being overlooked. Most vendors are reasonable and fair, however there are always those who are going to use the wear and tear angle, so it's food for thought if you are going to pursue a longer settlement, particularly a PPOR.
Staged properties also can look not only barren and bare when empty, but some buyers are shocked to find the whole "atmosphere" of the place drastically different when furniture and the incense sticks are no longer in place. As with all property, do your DD, check the inclusions and state of the property at exchange, be realistic and take lots of photos. If you are especially concerned, a clause or two from your solicitor can go some way into ensuring you move into the property in a "cleaner" state.
