Urgent opinion needed plz. Signed contract of sale without inspection

Discussion in 'The Buying & Selling Process' started by Ohgosh, 30th Jul, 2018.

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  1. Ohgosh

    Ohgosh Member

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    Yes Jac I've hired a conveyancer, he read the contract and it seems fine to him, its just this one thing that concerns me that I should've got a building inspection report before signing, but I think its okay now and I can walk away from the contract without penalty thanks to the mentioned loan amount
     
    Ohgosh, 31st Jul, 2018
    #21
  2. Trainee

    Trainee Well-Known Member

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    Whats changed that you want to walk away? Just get an inspection done.
     
    Trainee, 31st Jul, 2018
    #22
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  3. Ohgosh

    Ohgosh Member

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    Yeah will get an inspection done and hopefully it comes okay, will walk away only if there is any major problem. Thanks
     
    Ohgosh, 31st Jul, 2018
    #23
  4. Trainee

    Trainee Well-Known Member

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    Your lucky the seller signed that clause. If it holds up its very bad for the seller.
     
    Trainee, 31st Jul, 2018
    #24
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    This would be illegal under NSW law, don't know about vic
     
    Terry_w, 31st Jul, 2018
    #25
  6. craigc

    craigc Well-Known Member

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    Subject to finance clauses pretty standard occurrence on Vic contracts.

    I’m Not 100% sure but check your s32 (contract), I thought the builders insurance documentation (7 year warranty) you are also asking about is required to be included there. TBC just my understanding.
     
    craigc, 2nd Aug, 2018
    #26
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  7. Angel

    Angel Well-Known Member

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    What does the building report say?
     
    Angel, 5th Aug, 2018
    #27
  8. Joynz

    Joynz Well-Known Member

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    Hi Ohgosh
    Worst case scenario is termites as the rest (structural issues) will be covered by the warranty).

    It’s impossible to quantify the costs of termite damage without an inspection.

    Did you end up getting the building and pest inspection done?

    Remember, that there are standard clauses used in pest inspection reports that say there is a high risk of future infestation (due to garden beds next to house etc) even if no termites currently.

    Don’t be overly worried about these sorts of comments if no actual live termite evidence is found - years ago I didn’t realise that these comments are used in every pest inspection and pulled out of a purchase unecessarily...
     
    Joynz, 5th Aug, 2018
    #28
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