YATALA REAL ESTATE AGENT, MORGAN OLIVER ANSWERS ALL YOUR QUESTIONS ON PRE-SETTLEMENT INSPECTIONS
Over the last several weeks, you have ticked off many milestones in the purchase of your new real estate Yatala. The end is in sight and possibly one of the last remaining tasks to be undertaken is the pre-settlement inspection. If you are unsure of the importance of this, Yatala real estate agent Morgan Oliver will run through the importance of the pre-settlement inspection for you.
| Q: |
What is the importance of the pre-settlement inspection? |
| A: | This is your opportunity to ensure the property is in the same condition it was when contracts were exchanged. It also represents an opportunity to check the inclusions listed in the contract are still in place. The importance of the pre-settlement inspection can’t be understated especially if the home has been lived in up until settlement. |
| Q: |
Who organises the pre-settlement inspection? |
| A: | As your real estate agent, Yatala I will get in touch with you as settlement approaches. Normally the inspection would take somewhere in the order of 30 to 60 minutes depending on the size of the property. At the time of the pre-settlement inspection, I encourage the purchasers to be organised and if practical, have a list prepared of the items they want to check or questions they need to ask. Quite often, it may be helpful for the vendor to be present especially, if you want to know how the security system works and how do you change the entry code, as an example. |
| Q: |
Tell me when the pre-settlement inspection should be carried out? |
| A: | I would generally recommend to my clients that this inspection is undertaken at least a few days prior to settlement. If any problems are identified the vendor then has a few days in which to have these rectified. |
| Q: |
What should I be checking during the pre-settlement inspection? |
| A: | It is likely that you already have had a building and pest inspection undertaken on the property. This is your chance now to ensure that everything is in working order prior to settlement.
You should make a point of checking the following elements of the home:
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| Q: |
What happens if I find something that needs fixing at the pre-settlement inspection? |
| A: | If something like this occurs, I recommend you advise your solicitor, and they will negotiate that the item needs to be fixed prior to settlement. |
| Q: |
What happens if it can’t be fixed before settlement? |
| A: | If repairs can’t be organised prior to settlement the sale price can be adjusted to cover the cost of the repairs. Again, speak to your solicitor if this situation arises.
Morgan Oliver, your real estate agent Yatala will work with you during your pre-settlement inspection to ensure you are happy with the property prior to settlement. |
19 March 2021
Disclaimer:
JMO Property Group has provided the information contained in this Blog for guidance only. The information presented herein has been obtained from a variety of sources we believe to be reliable. The accuracy of this information, however, cannot be guaranteed by JMO Property Group and all parties should make their own enquiries to verify this information and the relevance to their circumstances.
