Buyers pre settlement final inspections

Over the years I have experienced a number of very unfortunate events that have happened prior to the day of settlement. In one case vandals broke into a home the night before settlement, had a wild party and as they left, set fire to it.

In another instance a water main further up the road behind the property burst putting ankle deep water through the home just the day before settlement. Or how about this!! A vendor’s removal truck ran over the front wall and gates upon leaving the property and took them out.

Buyers need to make sure the property is in the same condition (fair wear and tear excepted) as it was as the date of unconditional exchange of contracts. All inclusions also need to be checked to see they are in working order, e.g automatic garage door, air conditioner, pool filter etc.

More disappointing discoveries on the final inspection would be to find some of the keys to the doors or window locks are not available. The seller hasn’t removed old building materials from under the house (the seller should remove all of their possessions), or a window has been broken.

These are very annoying matters that may or may not be resolved to the buyers satisfaction.

It is crucial that a buyer make immediate contact with their solicitor or conveyancer to report any problems with their final inspection as settlement will occur otherwise, and that problem could become the buyer’s problem.

P.S. A good piece of advice for all buyers is at the time of negotiating the contract price, is to make sure that they are aware of what is staying with the property and what is being taken by the seller. For example, are the matching curtains in the main bedroom with the bedspread included in the sale, or the ride on mower, or the 108cm television bolted onto the wall in the loungeroom included??