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Utilities in an IP

Discussion in 'The Buying & Selling Process' started by JTjia, 10th Sep, 2015.

  1. JTjia

    JTjia New Member

    Joined:
    1st Jul, 2015
    Posts:
    4
    Location:
    Melbourne
    Hi,

    First time poster please be gentle =P

    I am going to be settling my first IP soon and the utilities have been off in the property for some time now. At the time of settlement if I intend on renting the property out do I need to have them switched over to a provider? Or is that left up to the tenant.

    The other problem is during the building inspection the inspector was unable to check plant and equipment because of the lack of electricity. The place was won at auction so there's no subject to b&p clauses. Just wanted to know what actually happens if there is a problem would something like title insurance/ or another insurance cover non-working p&e?

    J
     
  2. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    You bought it at auction so it is as is..

    If appliances aren't working, you will have to fix it at your own cost.


    Utilities will be transferred over to your name by your solicitors at the time of settlement. Then tenets will have to open an account at their choice of gas and electricity provider.
     
  3. JTjia

    JTjia New Member

    Joined:
    1st Jul, 2015
    Posts:
    4
    Location:
    Melbourne
    Thanks for the clarification!