Table of Contents
When should a building inspector visit?
By law, the Building Control Officer must be told when the work reaches each of the following stages. The officer will then need to inspect your works at: Commencement (48 hours before commencing) Excavation for foundations (24 hours before concreting)
What is a building inspection clause?
The phrase ‘subject to building inspection’ is a clause inserted into a property sale contract which means the sale is conditional on a satisfactory building inspection being carried out.
What does offer subject to inspection mean?
What does “make offer subject to inspection” mean? This clause means that first a buyer must write an offer and get it accepted by the seller, and then – and only then – can the buyer check out the property in person. The “subject to” part means that the buyer will have a contingency for approving the home’s condition.
Do you need a building inspector for an extension?
If you’re planning to extend your home, you will need to comply with the building regulations. This is a legal requirement and, without formal approval and control, your local council could force you open up or re-build sometimes significant aspects of the project. It could even lead to prosecution and unlimited fines.
What happens on the settlement day for the sellers?
What happens on settlement day? On settlement day, at an agreed time and place, your settlement agent (solicitor or conveyancer) meets with your lender and the seller’s representatives to exchange documents. They organise for the balance of the purchase price to be paid to the seller.
How can I reduce the price after a building inspection?
If a building inspection identifies water damage to the property, you may be able to negotiate a reduction in price commensurate with the cost of repairing the damage. And, you may be able to add a little financial “cushion” to account for the time and effort spend arranging repairs.
Should you put an offer on a house before seeing it?
Writing an offer before seeing the home is neither a welcomed nor popular practice among many home sellers. Naturally, they prefer to know that the buyer is already committed—or has at least made a decision based on having personally toured the home. Some buyer’s agents, on the other hand, tend to believe differently.
What is a subject to offer?
A “subject-to” offer simply means that the buyer is willing to purchase a piece of property “subject-to” some specific circumstance. Usually that circumstance will be the sellers existing mortgage. It can also be a variety of other things.
Are building regulations required after 10 years?
Despite the fact that there is no time limit on the local authority’s right to apply for an injunction, it is generally accepted that if 10 years or more have passed since the work was carried out then there is no serious risk of action fro breach of building regulations being taken.
What happens if you build an extension without building control?
Can you move in before settlement day?
Yes, although only if the property has been vacated and the Vendor agrees to let you do so. Here’s how: If both parties are agreeable, a Licence Agreement is entered in to from the day of occupation until the settlement date at an agreed fee, being the ‘license fee’ to be paid to the Vendor on the settlement day.
What can go wrong on settlement day?
What could possibly go wrong?
- Funds not transferred in time.
- Documents not received in time.
- Other parties bank not having all documentation finalised.
- Bank cheques drawn for settlement are incorrect.
- Documents have been signed or witnessed incorrectly.
- Documents have been prepared incorrectly.
Can you negotiate offer after inspection?
If they still want the home, the home buyer will usually request that the seller complete specific repairs or reduce the price. Negotiating after home inspection is expected with most real estate transactions, so you shouldn’t hesitate to make requests if an inspection yields problems.
What happens when you renegotiate house price?
By renegotiating, there is a significant risk that your original mortgage offer will be dramatically altered or even withdrawn. This may mean you can no longer borrow enough even to cover the new, lower price.
What is a “subject to building inspection” condition?
As a buyer, you can request a “Subject to building inspection” condition to be added to your contract. This means that the sale of the property will only be a done deal after a standard building inspection has been done.
What does a standard building inspection mean when selling a property?
This means that the sale of the property will only be a done deal after a standard building inspection has been done.
What is a building and pest inspection clause in a lease?
The clause allows you to get written reports from qualified building and pest inspectors about the property. Building and pest reports can identify a number of issues about the property. These range from minor problems like a leaking tap to serious issues such as termite infestation or structural damage.
Should a buyer include a building inspection clause in their offer?
If a Buyer wants to protect themselves further, the Buyer should consider a more comprehensive building inspection clause in their offer. The downside of that is that the Seller may not wish to accept such a condition as part of the offer and the Buyer may not get their offer accepted and as a consequence, they risk missing out on the property.