Things to look for in your pre-settlement inspection
In the week preceding up to settlement day, you are permitted to perform the last examination of your new house. This is to ensure that any particular requirements are completed and that the property is in the same condition as when the contracts were exchanged. Continue reading below for value-added Property Loan Advice Geelong.
Before final settlement, you have the right to examine the property to ensure that it is in the same state and condition as when you initially walked through it. If it is not, you may be able to get the vendor to change anything before settlement.
The need for the property inspection
Traditionally, you need to go through a comprehensive inspection of the property before signing the contract. Checking everything like the hot water service, electricity, locks and latches, plumbing, appliances, air conditioning, and even the drapes and blinds. If anything isn’t working, you may include it in your contract as a special condition and request that it be remedied before you move in.
Commercial Property Leasing Advice Geelong: When to schedule your inspection?
Pre-settlement inspections should be scheduled around five days prior to settlement. If anything has to be corrected – or a new contract needs to be reached – there will still be time. If possible, conduct this examination after the previous occupants have left. You may also consult experts for detailed domestic and Commercial Property Leasing Advice Geelong.
Talk to Property Lawyers Geelong if you need Repairs
When a buyer inspects a house, they frequently discover something that has to be fixed. The buyer might indicate what repairs they anticipate the seller to do before handing over the property during the contract discussions and settlement phase. For better communication, you may bring in Property Lawyers Geelong as mediators.
It might be a sagging cupboard, a damaged window, or a malfunctioning doorbell. During your pre-settlement inspection, you should double-check that any repairs you agreed upon with the seller have been completed.
Fixtures and Chattels
This mainly refers to the contents of the home. The buyer and seller will have agreed on which aspects of the home are included in the transaction and which are not. The oven, for example, may be kept, but the refrigerator might not be there. Alternatively, the ceiling fans may be included, but the curtains will be removed by the vendor. Examine if all of the agreed-upon objects are present or have been removed as agreed.
Damage
When the seller was packing up his belongings, they may have scuffed the flooring, damaged the walls, or broken a window or door by accident. Something else, such as a broken water pipe that has been flooding the house while no one has been living there, might also come up. If you don’t see this additional damage during your pre-settlement inspection, it will most likely be your responsibility after settlement. Always conduct a last inspection to ensure that the property is in the condition you expect.
At Cahill Rowe, our experts are ready to assist you with Property Loan Advice Geelong. Immediately notify us if you discover anything unusual during your pre-settlement examination. Talk to us today!
