Tag: Purchase Agreement

Property Conveyancing – Right to Final Inspection on your Property Transfer

 

Are you aware as a Property Purchaser you are entitled to complete a Final Inspection on the property you are purchasing prior to the property conveyancing and settlement being completed.

Under the Terms and Conditions contained in the Sales and Purchase Agreement under Possession and Settlement 3.2 (1)if the property being sold is with vacant possession you may enter the property on one ocassion  prior to the possession date for the purposes of examining the property, chattels, and fixtures which are included in the sale; and 3.2 (2) to re-enter the property on or before the possession date to confirm compliance by the vendor with any agreement made by the vendor to carry out any work on the property and the chattels and the fixtures.

The thing to remember is the property being transferred must be in the same condition as at the date of the Agreement for Sale and Purchase.

We would recommend you complete your Final Inspection at least 2 days prior to the Property Conveyancing of the settlement and possession date being completed.

You should be provided with a Final Inspection Waiver by your Conveyancing Practitioner which you should sign confirming the following:

1.  The property is in the same condition as at the date of the Agreement for Sale and Purchase.

2.  There are items which need to repaired and rectified.

3.  Or you are waiving your right to complete a Final Inspection on your Property Transfer.

We would recommend that you expand the general Terms and Conditions for the property with the following:

A warranty from the Vendor that the dwelling and property including the lawns, gardens and surrounds will be left neat and tidy at settlement.

If want more free information please visit https://www.propertyconveyancingservices.com

Cheers Kim :)

 

 

When you are Selling or Purchasing a Property is it important that the Conditions in your Sales and Purchase Agreement are worded correctly.

If the Conditions are not worded correctly huge problems can arise. In particular the Conditions should contain the following elements:

  • What needs to be done?

  • Who’s going to do it?

  • Who is going to pay for it?

  • When does it need to be done?

  • What is going to happen if something is discovered?

  • Who is going to pay to fix it?

  • Stay posted for more specific wording relating to the Finance, Land Information Memorandum, Approval of Title, Builders Reports, Valuations, Good Working Order and Warranties together with the Sale of another Property.

    Cheers Kim :)

    Final Inspection Tip

    September 6, 2010

    Your Sales and Purchase Agreement should have a good working order condition:

    This Agreement is subject to all gas, electrical and plumbing fixtures and fittings being in good working order at settlement. If none of the fixtures and fittings are not in good working order the Vendor agrees to remedy in a tradesman like manner at the Vendors expense.

    Have you ever thought of taking a hair dryer on you final inspection to check the powerpoints are working?

    Please leave your comments and feedback. We look forward to hearing from you.

    Have a great day :)

    Albizia Theme designed by itx