As the settlement date approaches, it's crucial for Buyers to ensure the property is in the agreed-upon condition before finalising the purchase. Conducting a thorough pre-settlement inspection allows Buyers to verify that everything is as expected and to address any last-minute issues that could impact the transaction. This inspection is a key step in safeguarding your investment and ensuring a smooth transition of ownership.
What are the guidelines for conducting a pre-settlement inspection?
The Seller must allow the Buyer access to the Property once for the purpose of conducting a pre-settlement inspection to check on the condition of the Property.
Arrangements should be made directly with the Agent, who will generally be present when inspections are undertaken. Buyers should do their pre-settlement inspection on the day of settlement or the day before settlement. This reduces the risk that changes are made to the property between the inspection and settlement itself.
What happens if the property is modified after the Contract Date?
The property should not be modified in any way after the Contract Date,otherwise the Buyer may be able to terminate the Contract or claim compensationfrom the Seller, prior to settlement.
What must happen to chattels and rubbish before settlement?
Before settlement the Seller must remove all chattels not included inthe sale and any substantial rubbish on the Property.
The Seller is deemed to have abandoned any property not removed before settlement and the Buyer can dispose of that property as they think fit.
What must happen to a tenanted property before settlement?
If the property is tenanted at the date of the contract and the tenancy is not noted on the contract, then this obligation requires that both theSeller’s property and any tenant’s property must be removed before settlement.
