All Topics / General Property / Questions about building inspection condition

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  • Profile photo of StevenSteven
    Participant
    @steven1982
    Join Date: 2017
    Post Count: 189

    Hi all

    Asking about putting building inspection clause in a contract. I would like to find out has anybody successfully got vendor to remediate an issue that is NOT exactly considered a “major defect” before?

    I understand that if a major defect is found, the buyer has the option to pull out of the contract. (or alternatively the vendor can offer to fix the defect as long as the buyer agrees). But how likely is the vendor to fix a minor defect?

    Also, when you putting down a building inspection clause, do you get the choice to customize the wording or can you only go with the “standard wording”?

    For example, when making offers for properties in New Zealand, I always put down “This agreement is conditional upon the purchasing being 100% satisfied with the content of a building inspection report” <— notice how it says 100% satisfied, not just “major defect”.

    So I am wondering if it is possible to customize wording like that in Australia?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Its possible, but unlikely to be agreed with by the vendor.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    These issues are open to negotiation and if you don’t ask you don’t get.

    Remember, in hot markets things like this will put you at the bottom of the list.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

Viewing 3 posts - 1 through 3 (of 3 total)

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