QLD - Extending Building and Pest

Discussion in 'The Buying & Selling Process' started by galaxys100, 15th Aug, 2020.

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  1. galaxys100

    galaxys100 Member

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    Hi all,

    I am in the process of purchasing a property, but the building inspection has turned up a few issues that need to be addressed / negotiated over.

    What is involved in extending B&P? Do I have to go through my conveyancer or can the seller and I just agree to an extension of X days?

    Thanks
     
    galaxys100, 15th Aug, 2020
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  2. wylie

    wylie Moderator Staff Member

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    What sort of issues? Why do you need more time? I'd say you either negotiate quickly or crash the contract with the B&P clause.

    If I was a vendor, I'd not extend the B&P time. I'd ask that you commit, or withdraw so that someone else can buy. If you crash the contract there's nothing to stop you doing whatever it is that you want to do (organise quotes?) and go back with a lower offer.

    If I was the vendor, your next (lower) offer would need to be unconditional though.

    Is there also a finance clause?
     
    wylie, 15th Aug, 2020
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  3. galaxys100

    galaxys100 Member

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    It's a shoddily DIY-ed deck. It doesn't affect liveability, but there is rot involved and will if not remedied will cause bigger problems down the line. The seller seems committed to the sale due to various issues, so would rather negotiate than go back to market. I just need to know how much to negotiate by.

    My finance is also being sorted out, and hopefully will be approved next week.

    I suppose an alternative is to take a gamble and request a reduction of X amount not knowing how much the repair will actually end up costing.
     
    galaxys100, 15th Aug, 2020
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  4. wylie

    wylie Moderator Staff Member

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    When does the B&P expire? Perhaps get a builder through before then and get a ballpark figure to rectify the issue and make that your basis for lowering the offer.
     
    wylie, 15th Aug, 2020
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  5. galaxys100

    galaxys100 Member

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    B&P expires Monday, but I've just received the quote for repairs this morning. I wasn't sure it would arrive on time so was trying to come up with a contingency for extension. Hopefully the owner will accept the proposed reduction and we can call that done!
     
    galaxys100, 15th Aug, 2020
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    wylie likes this.