Buying a new home is an exciting time but what happens when the pre-settlement inspection results in a few surprises?
Sometimes we come across clients who:
have been misled as to the condition of the property;
discover the property has been damaged;
find chattels forming part of the sale have been removed or are not working; or
third parties are claiming rights over an area of the property, or the chattels.
Whatever the issue, we can help!
You may be entitled to termination or cancelation of the contract, or a reduction in the purchase price, depending on what has been uncovered.
Under a standard agreement for sale and purchase, notice of a claim arising from the pre-settlement inspection must be given to the vendor’s solicitor before 5:00pm on the day prior to settlement. Therefore, we recommend carrying out the inspection at least two days prior to settlement. Leaving your inspection to the last minute may see you lose some or all of your pre-settlement rights.
For more information contact our property team.