Make Inspections before Purchasing a Property

During a property transaction, the purchaser has right of entry onto a premise after providing apt time to seller as per clause 8.2 of the standard REIQ terms of contract. Although the buyer is legitimately entitled to access the premises between the period of contract and settlement, there are certain grounds on which they are permitted to access the property without any hindrance. One of these reasons could be the subjection of the premises to a pest, building or pool inspection. Since the purchasing of property involves considerable sum of money, many purchasers choose to hire conveyancing solicitors Brisbane for complete evaluation and consultation.

 

Building, pest and pool inspections are required for a number of reasons. It’s always a good idea to engage the real estate agent in the process to prevent any hiccups that may occur with regards to property access. I addition to the standard inspections, another reason to survey the premises could also be to check for the water meter. Bill clearance is supposed to be checked as per water meter. If possible, water leakage may also be inspected. To do this, one just has to shut all the sources of drawing water and checks the meter after 2 to 3 hours. If there is no change in reading it would indicate that there is no leakage.

 

Particular care should be taken when it comes to pool inspections. No one could possibly hinder in this inspection as in Queensland, as premises containing pool cannot be sold without an approved certification. Additionally, premises containing a pool must be registered on the Queensland pool safety register.

 

When it comes to finance, property valuations are another reason for the seller to provide access to the property in question. Prior to the final loan approvals, financial institutions arrange professional valuations to determine the true value of the given property.

 

It is a known fact that conveyancing Queensland is not an easy process so it is important for the buyer and various professionals to access the property several times before and during the settlement to prevent you from any distasteful surprises. The possibilities are but not limited to the fact of new damage, changed light fittings, items included in the original agreement found to be missing, unfinished work which was supposed to be completed before settlement and the list goes on.

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Andrew Francey

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Andrew has over two decades experience in high growth fast moving consumer goods, agribusiness and professional services. Supporting the Ownit team to deliver on client expectations, and implementing processes to scale the organisation, is a key focus for Andrew.

Andrew is a C-Suite leader with Chairman and Board experience.  He has formal qualifications in Business, Applied Finance and AICD Company Directors Course.

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