{"id":86907,"date":"2024-11-11T16:30:11","date_gmt":"2024-11-11T05:30:11","guid":{"rendered":"http:\/\/propertyupdate.com.au\/?p=86907"},"modified":"2024-10-15T10:34:50","modified_gmt":"2024-10-14T23:34:50","slug":"a-guide-to-your-pre-settlement-inspection","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/a-guide-to-your-pre-settlement-inspection\/","title":{"rendered":"Pre-settlement inspection guide: what to inspect, why and when"},"content":{"rendered":"

You\u2019ve done your research, found the perfect property, exchanged contracts, and waited patiently throughout the settlement period.<\/p>\n

Now there is just one last hurdle: the pre-settlement inspection.<\/p>\n

\"pencil<\/picture><\/span>

Note: <\/span>The settlement period on a property in Australia is anywhere between 30 and 90 days, and that\u2019s a long time.<\/p><\/div><\/div>\n

So you shouldn\u2019t assume that the property is in the same condition in the week leading up to settlement as when you exchanged contracts; you need to inspect it again.<\/p>\n

\"Inspection\"<\/p>\n

What is a pre-settlement inspection and why is it so important?<\/span><\/h2>\n

A pre-settlement inspection, sometimes also called a final inspection, gives you the opportunity to check that everything listed in the sales contract is still there and that the property is in the same condition as when you signed the contract.<\/p>\n

This can be as simple as checking that the owner, or tenant, hasn\u2019t vacated the property and taken something like the oven or the carpets with them.<\/p>\n

Or that the lawn hasn\u2019t died or the pool turned green.<\/p>\n

It\u2019s also helpful when obligations arise from special conditions contained in the contract.<\/p>\n

For example, the seller has agreed to fix a leak in the roof, in which case you\u2019re entitled to check that it has been done before the settlement date.<\/p><\/blockquote>\n

If the property is not in the same state as when you signed the contract then you\u2019re entitled to ask the vendor to make repairs before property settlement<\/a>.<\/p>\n

When do I need to do a pre-settlement inspection?<\/span><\/h2>\n

Each state has different laws regarding pre-settlement inspections.<\/p>\n

Some, like Victoria, stipulate that buyers are entitled to inspect the property at any reasonable time during the week before settlement; others, like South Australia, stipulate that buyers are only entitled to one if they specifically stated in the contract that the sale was subject to one.<\/p>\n

However, whichever state you live in, you\u2019ll be expected to carry out this inspection at a \u201creasonable time\u201d during the week before settlement.<\/p>\n

It\u2019s best to do a pre-settlement inspection in the week leading up to settlement day - in fact in most circumstances, the inspection will occur within 3 days prior to settlement.<\/p>\n

This way if anything needs to be fixed - or a new deal needs to be negotiated - there may be still time to do so before settlement.<\/p>\n

Doing the inspection too late (in the hours leading up to settlement) leaves no room for repayment or renegotiation if needed.<\/p>\n

When the pre-settlement inspection is taking place, it\u2019s a good idea to have the contract of sale so everyone can make sure the inclusions are all still in the property and the exclusions have all been taken away.<\/p>\n

It also means you can check that any special conditions have been met if there were any included in the contract.<\/p>\n