First investment Property - Buying check list

Discussion in 'The Buying & Selling Process' started by melbinv82, 7th Jan, 2020.

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  1. The Y-man

    The Y-man Moderator Staff Member

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    HOWEVER - the danger in my method is that if your offer is not accepted, you waste the money you spend on the inspection - so it can go both ways.

    The Y-man
     
  2. frank22

    frank22 Well-Known Member

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    Interesting reading . Building inspections are good and highly recommended .If buying a 30 year old home you are bound to come across superficial issues at least ,as long they are not structural . Brings me to the question of the deposit and terminating the contract. Step 1 is paying the initial amount say $1000 into the agents trust account when making the offer. Step 2 building inspection within 14 days . If you are not satisfied with the vendors response to fix the issues in the inspection. How long has the vendors agent got to return the deposit ?
    If the vendor agrees to fix the issues , should a date be stipulated on the contract as when they should be completed ? and should I wait for it to be completed prior to paying the balance of the 10% deposit . thanks
     
  3. Archaon

    Archaon Well-Known Member

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    Hi Frank,

    It would be better to negotiate a discount from the purchase price to get the work done yourself I would imagine, what happens if the vendor decides to do the work themselves and makes it worse? Get's in a dodgy trade, or bodgies up an invoice to say the work has been completed?
     
  4. frank22

    frank22 Well-Known Member

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    Thanks Archaon , Your right ,negotiating a discount makes sense after you get a few quotes .
    A contract has so many dates .
    Building inspection within 14 days of vendor signing
    10% deposit within a week I am guessing ?
    loan approval date 2 weeks
    settlement date either 30 days or 42 days
    if everything works out yes ,
    but,if their are inspection issues I am concerned about the 10%
     

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