If you have purchased or sold a home before, you might be familiar with a pre-settlement inspection Brisbane.
If you haven’t, you have come to the right place! Plus, this could be a friendly reminder to those looking to sell or buy.
In our latest blog, the Northside Realty team has put together the all-important information about what is involved in a pre-settlement inspection and what you should look out for.
What Is A Pre-Settlement Inspection?
- The pre-settlement inspection is vital as it allows the buyer to inspect the property just before the settlement day to check the property’s condition, to ensure it’s the same as when it was first inspected and purchased.
- Also, to inspect if a condition of the contract which the seller was to fix/replace something has been done.
- The buyer typically conducts this inspection around 3 days or less before the settlement day itself.
- The buyer carries out the pre-settlement inspection together with the real estate agent.
What Do Pre-Settlement Inspections Look For?
- That the property is in the same condition as it was when the contract was signed
- Any rubbish has been removed from the property
- Any special contract conditions have been met
Things to inspect should include:
- Lights, air conditioning and appliances check
- Windows and glass
- Plumbing and taps – check the hot water system works.
- Locks and security screens
- Curtains and blinds
- Pools and pool equipment
- Smoke alarms
- Flooring, carpet stains and tiles
- Gardens and lawns
TIP: Bring your contract with you to make sure all inclusions are left in the home and all exclusions have been removed from the property. You can address all this during the inspection with the real estate agent.
Can A Buyer Pull Out Before Settlement?
- Yes. But only if there is a condition in the contract that allows this. Normally it would be something like work that may need to be done by a seller before settlement and that this is a condition set out in the signed contract.
- If the buyer pulls out before settlement, they stand to lose their deposit and also be sued for damages.
If there are problems uncovered during the pre-settlement inspection:
The purchaser may delay settlement by a day or more to make sure the seller rectifies the problem, or the purchaser may request a price reduction or ask the solicitor to withhold some money after settlement. But this would only be enforceable if it’s a condition already set out in the contract.
Pre-Settlement Inspection Brisbane
When purchasing a house make sure you organise a pre-settlement inspection Brisbane.
Looking to buy, sell or rent property? With a professionally driven team and proven track record, Northside Realty are determined to get you the highest price. Contact Northside Realty today.