What is a building inspection report and what role does it play in the purchase/sale of property?
A building Inspection report details the property’s condition and identifies any issues that are found by the inspector at the time of inspection like defects or problems such as rising damp, safety hazards or cracking and movement in the walls.
It is important to obtain a building inspection report so you know as much as you can about the condition of the property you are buying and are not caught by surprise later on. If significant issues are identified, you may be able to negotiate a cheaper purchase price with the vendor.
Be cautious of reports obtained by the vendor
It is not uncommon for vendors to arrange their own inspector to carry out a building inspection and offer the report to prospective purchasers for purchase. While this may seem like a cost effective and convenient way to obtain a report , any report arranged for the vendor will undoubtedly favour the vendor. For this reason, it is best to obtain a report from an independent inspector where possible.
What if you can’t arrange an independent report?
If you are under time pressures and cannot arrange to obtain your own independent report, you may wish to have the report obtained by the vendor reviewed by your own building inspector to seek to determine whether there are any major issues of concern.
If you or someone you know needs assistance with a purchase/sale of property you can seek advice from our qualified Property Group by contacting our Sutherland Office on 9525 8688. Please also feel free to download our free Property eGuide.