A final inspection is arranged by a purchaser with a Real Estate Agent to inspect a property prior to completion. The purpose of this inspection is to ensure the improvements and inclusions have not been damaged or removed since contracts were exchanged and the property has been left in a clean and tidy condition.
There have been instances where improvements and inclusions have been removed, damage has occurred due to vandalism or removalists, or the property has been left in an unsightly and dirty condition. A purchaser has very little recourse once completion (i.e. handing over the balance of settlement monies in exchange for the title deeds) has occurred to rectify the situation. In our opinion a final inspection is essential.
If a property is being purchased with vacant possession, it is recommended the purchaser contact the selling agent a few days before completion to arrange a suitable time to carry out the final inspection, however you should not do your final inspection until the occupier has vacated the property.
For an investment property subject to tenancy, it is recommended the purchaser should contact the selling agent at least four or five days prior to the completion as under the Residential Tenancy Agreement, a tenant must be given reasonable notice by an agent.
Once the final inspection with the agent has been completed, the purchaser will need to advise their solicitor/conveyancer of the outcome. If any problems are encountered, the purchaser should inform their solicitor/conveyancer of the defects and, on the advice then given, instruct them on how you as the purchaser would like the matter to proceed. If the final inspection is satisfactory, the purchaser will then instruct their solicitor/conveyancer to proceed to completion.
The importance of a final inspection is to ensure that once you have obtained the keys and departed with your hard earned money, there will be no unwanted surprises.
At Everingham Solomons, we have the expertise to assist you in your property transactions because, Helping You is Our Business.
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