Before finalising the purchase of a property, it is crucial to conduct a pre-settlement inspection. This inspection ensures that the property is in the expected condition. By thoroughly examining the property before settlement, buyers can verify that any agreed-upon repairs and conditions have been met.
In this article, we will discuss the importance of pre-settlement inspections and provide a comprehensive checklist of things to look out for during the inspection.
The Significance of Pre-Settlement Inspections
The contract of sale typically allows the seller to reasonably utilise the property until settlement, but without causing any additional expenses for the buyer. Conducting a pre-settlement inspection grants buyers the opportunity to ensure that the seller has fulfilled their obligations and that the property remains in the desired condition.
Buyers are usually allowed only one pre-settlement inspection, so it is advisable to schedule it close to the settlement date, preferably no later than the morning of the settlement. This ensures that any special conditions mentioned in the contract, such as repairs or specific arrangements, can be assessed to confirm their satisfactory completion.
Also read: What does a building inspection cover?
The Importance of a Pre-Settlement Inspection
The pre-settlement inspection is a crucial step in the property buying process. As a buyer, it is your right to conduct this inspection to ensure the property’s condition aligns with your expectations. Given the time gap between the initial inspection and settlement, various unforeseen factors could affect the property. By thoroughly inspecting the property before settlement, buyers can avoid unpleasant surprises or potential expenses that may arise after moving in.
In case any issues or defects are discovered during the pre-settlement inspection, it is important to document them with detailed notes and photographs. Notify your conveyancer immediately about these concerns so that they can guide you through the available options and facilitate any necessary resolutions.
Pre-Settlement Inspection Checklist
To assist buyers in conducting a thorough pre-settlement inspection, we have compiled a checklist of essential items to look out for:
- Repairs Agreed Upon: Verify that any repairs specified in the contract of sale have been satisfactorily completed.
- Plumbing and Electrical: Check all taps, drains, switches, and appliances to ensure they are functioning properly.
- Removal of Rubbish: Confirm that all rubbish, junk, and furniture have been removed from the property.
- Property Damage: Assess if any damage has occurred to the property since the initial inspection, especially damage caused by the sellers during their move-out process.
- Fixtures and Fittings: Ensure that all fixtures and fittings agreed upon in the contract, such as curtains and ovens, remain intact and in good condition.
- Landscaping: Check that the landscaping, including plants and trees, remains as specified in the contract and has been properly maintained.
- Swimming Pool (if applicable): Inspect the swimming pool to ensure the water is healthy, and the pump is operating correctly.
- Rubbish Bins: Verify that the property includes suitable rubbish bins in good condition.
- Contract Specifications: Consider any additional items or conditions specified in the contract of sale that need to be inspected.
By following this checklist during the pre-settlement inspection, buyers can identify any issues or discrepancies and address them before finalizing the property purchase.
Who can conduct a pre-settlement inspection?
When purchasing an existing property, it is common to conduct a home inspection accompanied by the real estate agent. In some cases, it may be possible to have the previous owner present during the inspection, which can provide an opportunity to inquire about general household matters.
If you require professional assistance with pre-settlement inspections, a professional building inspector can help. With their expertise in property inspections, they can ensure a thorough assessment of the property, giving you peace of mind before finalising the purchase.
With expertise and attention to detail, building inspectors can identify any potential defects, damages, or deviations from the agreed-upon conditions. By engaging professionals, you can have peace of mind knowing that your investment is protected, and you are making an informed decision.
Get in touch!
Whether you are purchasing an existing property or buying off the plan, our qualified inspectors have the knowledge and experience to assess the property thoroughly. We go beyond the surface-level inspection to uncover any hidden issues and ensure that the property meets the required standards.
We understand the importance of this inspection in safeguarding your interests and ensuring a smooth transition into your new home.
Contact the helpful team at Inspect My Home for advice by calling 1300 337 447 or by submitting an enquiry online to schedule your pre-settlement inspection. We are delighted to provide you with comprehensive insights into the condition of your prospective property.