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Buying: The Final Inspection…why is it important?

Buying: The Final Inspection…why is it important?

As a Buyer you are entitled to do a final inspection on the property you are purchasing. The seller cannot refuse this inspection within the last 3 days before settlement and it is likely the most important of all the inspections done on the property. The ideal time to complete the final inspection is as close to the time of settlement as possible. This narrows the window for which something could go wrong.

What to look out for….

The purpose of the inspection is to ensure that the property you are purchasing has been left in the same state it was in when you signed the Contract of Sale. Some of the things to keep an eye out for are:

  1. Are all the included chattels in the Contract still in the property?
  2. Is there any damage to the property that was not there at the time you signed the Contract?
  3. Is everything that was in working order at that time still in working order?
  4. Is there any excess rubbish been left in or around the property?

Keep in mind that for very minor things it is not advisable to try and delay settlement. However, if the damage/rubbish is significant and will potentially cost you money to rectify then let your Conveyancer know as soon as possible to discuss what your options are.

What are your options??

If you find an issue that is unacceptable to you during your final inspection the first thing to do is to speak with your Conveyancer as you may have a couple of options:

  • Since the Vendor is in breach of contract, you can withhold settlement until the matter is resolved. Neither party can terminate the contract immediately for such a breach but you can delay settlement and give the Vendor time to resolve the problem;
  • If a delay is not what you want (e.g. you may need to move in immediately) then it may be possible to continue with settlement but to retain part of the settlement funds to the Vendor until the matter is resolved.

Thinking of buying and/or selling property –  we understand that it can be a complicated and confusing process for buyers and sellers alike. Our experienced Conveyancers will make the process efficient and less stressful for all parties involved – for the best Conveyancing lawyers in Brisbane call/email Just Us Lawyers or complete our enquiry form for a quote today

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