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What happens at a pre-settlement inspection?

27 Jun 2016 cathrynmcdonnell 0 Comment

housePre-settlement inspections are an important part of the home buying process, however they are sometimes forgotten about or not taken advantage of by the buyer. 

What is a pre-settlement inspection?

A pre-settlement inspection is a final inspection by the buyer before settlement. It provides the buyer with an opportunity to confirm all the contractual requirements and specifications have been met, all fixtures and fittings are present and everything is in good working order.

Do you have to go to a pre-settlement inspection?

It’s totally up to the buyer whether or not they want to have a final inspection. With moving and so many things going on it’s not uncommon for people to not worry about a pre-settlement inspection, however considering a property is one of the biggest purchases you’re likely to make in a lifetime, you really should ensure that everything is done right and so you should inspect the property one last time before it’s officially yours.

What should you look out for at the pre-settlement inspection?

  1. Make sure all fixtures and fittings outlined in the contract are still at the property. For example, things like light fittings, blinds, curtains, stove and so on.
  1. Check that there is nothing that has been left behind by the previous owner that you don’t want left on the property. For example, things like boxes, rubbish or unwanted furniture.
  1. Check that the general condition of the property is in the same state as when you purchased it. It is possible for things to break down between the day you’ve signed the contract and settlement day, and you might want to arrange for them to be fixed before moving in.
  1. Use this as an opportunity to ask any further questions about the property and have a checklist of everything that you want to look over/inspect.

When should you get a pre-settlement inspection?

It’s generally recommended to do the pre-settlement inspection as close to the settlement date as possible so you narrow the window of time that things can go wrong.

Allow yourself a little bit of time however to solve any problems, just in case there is anything you would like rectified.

If the property is not in the expected condition or items are missing that were written in the contract then you will need to involve your conveyancers / solicitors as soon as possible to arrange a solution. Keep in mind however that this can delay settlement and your moving date.

If you have any further questions or concerns it’s best to ask your conveyancer or solicitor, or the selling agent.

Also, congratulations on getting this far, you’re almost the owner of a new home or investment property!

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