Termite and Building Inspection before going unconditional

Hi guys,

Is it worth getting a termite and building inspection done before going unconditional? If you did it afterwards and there was a major problem, you could still bail or negotiate a lower price?

Thanks for your help in advance!
Mike

 

Dont put it off until tmrw springs to mind, just get it done asap.

 

Yes.

Um, no. Once you go unconditional you can't get out of the contract or negotiate a lower price. You need to do your Due Diligence before you get yourself into a legally binding contract.

 

Thanks guys.

I just had a real estate agent mention that you could do the termite and building inspection after going unconditional, and if anything major came up, you could back out. Seems like it was great advice.

 

Where's this property? Once you go unconditional you can't back out in NSW so do your pest and building inspection before the cooling-off period expires. I engaged a P And B on Friday on the day contract exchanged. There's a thread on this forum just do a search.

 

Hi Mike, definitely, always get a building and pest inspection. Always as soon as you can organise it after your offer is accepted/you receive the signed contract. You could do it before that too I guess, but could get costly if you were doing it for lots of places.

 

Hi Mike,
There is no cooling off period in WA,as soon as you sign you have gone unconditional.
The real estate agent representing the vendor will normally present you with the standard REIWA contract for you to make your offer and once that is signed by their vendor it is unconditional.
The contract is written and owned by REIWA and their lawyers and will only allow you to withdraw if major structural damage is identified in the building and/or timber pest report as defined by the REIWA contract.
Do not sign until you have liaised with your own legal representative/settlement agent.
For more information please visit our websites at: www.cap-it-allbuildinginspections.com.au or www.buyingpropertyperth.com.au.....

 

Victoria. No worries, I'll have a look around!

 

Thanks mate, I might use that wording if necessary.
I've got a B&P inspection happening tomorrow, and then looking to put down a good deal down on Saturday avo - fingers crossed!

 

Further to my questions above, I'm curious about when people are looking for properties and they do a B&P inspection on a property, then the offer falls through for whatever reason. Then you do on another B&P inspection and that property doesn't come up trumps for you. Do people just keep forking out the cash for these B&P inspections and just take it as a necessary expense? Or do people have a different approach? I guess this more refers to auctions when you have to go unconditional..

Also, I think at the moment, when the B&P inspection is done, it will automatically be sent to the agent as well yeah? Unless I tell the B&P inspector to not send it through to him? I guess that point is nullified if within my contract I state that my offer is lower due to the B&P inspection blah blah. Anyways, so once the agent has it in his hot hands, he can pass it through to other possible suitors and they get it free of charge plus it will possibly help them to make a decision to put an offer on a property. What are you guys thoughts around this?

 

At the end of the day, the agent represents the seller and will do firstly what is in the best interest of the owner. Best to get building and pest done before signing the contract, unless you sign subject to building and pest

 

Heck no, it's your property and you've paid for it, and they definitely should not send it to the agent!

 

Always get a B&P inspection. Always have a PM manage your property. Always get insurance. You know this one.

 

It was a good idea getting that B&P inspection - the slab levels was not level in certain parts, with an uneven ceiling and possible surface drainage defectiveness on one side of the building. We will do some further investigation just to see what is the go is - but goes to show that it is important!

 

Yes, pay for the inspections, a few of them still works out much cheaper than a dud house full of termites. You will probably only walk away from one or 2 properties anyway. A better way is to get the property under offer/contract with a clause or cool off period and do a quick inspection before going unconditional. That way you cant get gazumped but you can pull out if you need to.

No dont send it to the agent unless you are really using it all to negotiate hard on price. In rare cases it is worth giving them, but mostly not.

 

I only wish more buyers were as sensible as you
Being as well informed as possible when buying a property 'warts and all' is so important, and yet so many buyers elect not to go down this path.... caveat emptor indeed.

 

Don't really understand why you WOULDN"T geta B&P done before purchasing. Would you buy a used car without an inspection?
Excellent example is our neighbours here in Northern suburbs of Sydney perfectly nice looking house unfortunately several months ago there was a storm and a gum tree fell on house causing damage to the the roof. No worries, insurance claim. Roofers arrive to repair and find half the house has been eaten out by termites, not covered by insurance and one huge bill for our neighbours that they were unaware of!

 

Good stuff @Fitzy1903 , glad you were able to identify the issues before you purchased. Doesn't mean you can't go ahead, but need to get an idea of how bad at is and if it's fixable for a reasonable cost. Also decide if you want to ask for a price reduction.