The Importance of Pre-Settlement Inspection
Buying a property is one of the most significant aspects of most of our lives. It’s also one of the largest and most important financial transactions that we will ever make. When it comes to the closing the deal and signing the contract, it’s understandable that people get excited, and even a little bit nervous! After all, it’s almost time to pick up the keys and make a house a home.
If you have an expert conveyancer on your side, you can have confidence that the process is under control and that the settlement will be taken care of. Even so, there are still important steps that you need to take. Today we’re going to talk about the importance of pre-settlement inspection.
What is Pre-Settlement Inspection?
Pre-settlement inspections take place after you have signed a contract but before finalising the settlement and making your payments. This important step ensures the vendor is upholding their part of the transaction.
New homebuyers are entitled to receive their property in an equal or greater condition then when it was originally inspected. This is covered under the terms of property sale and the purchase agreement, and it also includes any chattels and fixtures included in the sale.
When Does the Inspection Take Place
As previously mentioned, the pre-settlement inspection should occur after you have signed the contract, but before you settle payments and take formal control of the house. While the onus is on the buyer to arrange the inspection, the seller must provide the opportunity for this to take place. Then inspection should take place within 5 days of the settlement and be wide ranging in its considerations.
What Should I Inspect?
During this inspection it’s important to consider more than just the physical appearance of the property. Ensure that you test all necessary features – from heating to lighting – to ensure that everything is in working order. Here’s a handy guide of things to consider.
- Taps – for leaking
- Sinks – for leaking and draining
- Toilets – for flushing
Ensure that all household appliances that are included in the sale are functioning properly. Some items to examine include:
- Smoke detectors
- Swimming pools
- Ovens, stoves and kitchen appliances
- Ceiling and exhaust fans
Heating, Cooling and Amenities
Examine any climate control and other household amenities including:
- Air conditioners
- Hot water service
- Ducted heaters and heating services
- Light fixtures
Doors and Windows
Ensure that all doors and windows, open, close, seal and lock. These include:
- Doors and door locks
- Windows and window locks
- Garage doors
When the Property isn’t up to Standard
If the results of your inspection are inconsistent with the details in your contract, you may be able to seek compensation from the seller. The pre-inspection alone is therefore not enough and buyers should ensure that all agreed details are outlined in the contract.
If you need more personalised help, then an expert conveyancer can guide you through the entire buying process. All Hours Conveyancings are Melbourne’s conveyancing experts and we can protect you when you’re ready to buy. Call 03 9649 7832 today.