What is a pre settlement inspection? How to check for pre settlement inspection? What happens at a pre-settlement inspection?
The pre – settlement inspection is an essential step in the home buying process. When you carry out a pre-settlement inspection , these are the general things to check: Vacant possession – have the previous occupants vacated the property? The vendor is required to give the purchaser.
General condition of property – is the general condition of the property as it was when you. A pre-settlement inspection is done about a week before settlement. Its aim is to make sure any special conditions have been met, and that the property is in the same state as when the contract was signed. You can do the pre-settlement inspection with the agent or the seller. It is recommended that before a buyer attends the pre-settlement inspection , they make a list of the things they need to check from the notes they made about the property during their pre-purchase inspections.
If any issues arise as a result of completing your pre-settlement inspection , then under the Agreement for Sale and Purchase the Purchaser needs to serve notice on the Vendor before 5pm on last working day prior to settlement. Accordingly, it would be prudent to complete your pre-settlement inspection at least two working days prior to settlement. (more…)