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Final inspection before completion date - tips?

Discussion in 'The Buying & Selling Process' started by FairDune, 6th Jul, 2015.

  1. FairDune

    FairDune New Member

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    6th Jul, 2015
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    Location:
    Sydney
    Hi,

    I have been told by some people that a final inspection before completion (in my case also occupying) date is essential because if anything is amiss, it can be the vendor's liability before title gets transferred to you.
    Is this a correct approach? And if so, what are the buyer's rights? If it's a last-minute inspection, does it give enough time to get into legalese?

    Please suggest!
     
  2. Big Will

    Big Will Well-Known Member

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    18th Jun, 2015
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    Location:
    Melbourne, Australia
    depends on which state you have purchased and what your contract says.

    In Vic the standard is as inspected but allows for fair wear and tear.

    If you do find a fault (in VIC) I think you can withhold up to $5,000 at settlement if damage has excessive junk left and not rectified on settlement day.

    All you are really doing is making sure the house is still standing and they haven't kicked in the walls or repainted/reno/demolished something. Also test the electrical to make sure they are working as it was when inspected (e.g. working still working and if something wasn't working and now is well win!).
     
  3. Rixter

    Rixter Well-Known Member

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    Location:
    Portfolio Perth Brisbane Sydney Melbourne
    As Big W mentions you are checking to see the property is as stated on the contract including any works or stipulations that were to be carried out by the vendor as per the contract. Basically what the purchaser & vendor have both agreed to in the contract have been fulfilled.
     
  4. CosmicTrevor

    CosmicTrevor Well-Known Member

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    Location:
    Sydney
    Check what you have agreed to in the contract and what the procedure is for handling defects.