Hi guys,
Just a question that I came across with building inspections for an apartment. When is the best time for it to be done? After or before negotiation and signing of the contracts? Am I able to insert clauses in the contract saying that the contract is binding subject to the formal building inspection report similar like to subject to finance approved clause? What else should i be considering in protecting myself against possible structural or big repair bills prior to buying? Any help or even extra tips on this would be helpful
after. and you should have a subject to clause that basically says subject to results of building and pest inspection that are satisfactory to the buyer by <<insert date here>>
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Mech,
A good clause, would have been written by a solicitor you pay rather then the selling agent. It should cover the following areas but not limited to:– the inspection to be done
– the time frame
– what is considered “okay”
– who determines this
– dispute resolution
– how you notify the agent
– what happens if there is no notification
– etc etc etc… There is lots more to consider
– and it should be concise so it doesn’t scare the buyer.
But that is just the building inspection; there are plenty of other clauses you should put into the contract and they should be written like this.
Hi mech81, definitely after. You can have a subject to 14 days building inspection satisfactory to the buyer.
Otherwise you fork out to do the inspection and the vendor accepts an offer / contract from another person, that way you’ve done it for nothing! Good luck!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
