PROPERTY & YOU – BY PAUL MCKENZIE, ABS CONVEYANCING
When purchasing residential property during a Cooling Off period, it is always very important to obtain a building/pest inspection report. If you are purchasing a strata or townhouse, you also need to obtain a strata inspection report.
To obtain these reports is part of your own due diligence during cooling off. Nasty surprises that arise after settlement can cost you dearly.
For example, obtain a building and pest inspection report from a reputable inspector, to make sure the state and condition of the property is satisfactory during cooling off, to proceed smoothly to settlement. One client told me “She’s right mate”, didn’t bother to obtain a building and pest inspection report, and it ended up costing him an additional $35,000 after settlement because of a water leak problem.
Here’s another example. For a townhouse or apartment, a strata inspection report from a reputable inspector is essential to make sure the strata scheme is clear of any defects, major repairs, special levies or court/tribunal action.
One client told me “She’s right mate”, didn’t bother to get a strata inspection report, and after settlement it cost her an additional $14,000 in strata special levies, because she was not privy to the building remediation works.
Both examples above were painful experiences to both clients, for not ordering and obtain inspection reports, during cooling off. Be smart when buying and do your own due diligence.
