Forums / Property Investing / Help Needed! / Pre-settlement inspection – what happens is something is wrong

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  • Profile photo of devilspacedevilspace
    Member
    @devilspace
    Join Date: 2012
    Post Count: 1

    Hi all

    I'm settling on an IP on Monday. Just wondering if any of you have had an experience when your pre-settlement inspection shows the property isn't up to scratch?

    What is the recourse and turn around times?

    The reason I ask is that my pre-settlement inspection is only 4 hours before settlement takes place.

    I'm not too concerned as the apartment was very well maintained by the vendor (owner-occupied), but I still have a niggling little thought at the back of my mind of "what if?".

    Thanks

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    Ok the pre settlement inspection is to make sure everything is AS IT WAS WHEN you signed the contract.

     It is NOT for you to find faults with the property that you didn't notice before.

    SO IF there are things that have changed- eg the dishwasher is now missing, someone has trashed the kitchen etc then you delay settlement until it's recitfied or you can hold back money. That's what your solicitor is for.

    IF at the inspection you discover that the garage is made from asbestos- too bad.

    Hope that clears up what the inspection is for. Many people think it's a time to find faults. It's not.

    Profile photo of jenni_nextplace.com.aujenni_nextplace.com.au
    Member
    @jenni_nextplace.com.au
    Join Date: 2013
    Post Count: 36

    As per catalyst. 

    You get onto your solicitor straight away and settlement gets delayed until its all sorted. It either gets fixed or you get a discount on the purchase price. 

    It is generally fairly rare. Although a lot of new owners tend to suck up on the little stuff. E.G pool cleaning stuff gone, shelving in the shed etc….

    Profile photo of FreckleFreckle
    Blocked
    @freckle
    Join Date: 2012
    Post Count: 1,681
    Catalyst wrote:
    Ok the pre settlement inspection is to make sure everything is AS IT WAS WHEN you signed the contract..

    ….and/or presale conditions have met. IE fix the hinge on the garage door, clean the pool etc etc

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