Whether you are buying or selling a property, most contracts entered into these days will be subject to a building and pest inspection. The standard contract provides that if a buyer is not satisfied with the results of their building or pest inspection they may terminate the contract (provided they are acting reasonably). This requirement that a buyer must act reasonably is somewhat arbitrary, in that it requires the courts to apply what’s termed “the reasonable person” test. Basically this means you have to consider whether a reasonable person would terminate the contract on the strength of the building and pest report you have obtained.
Whilst the buyers only right is to terminate, often the buyer attempts to use this right as a bargaining chip to gain leverage against the seller to negotiate a price reduction or for the seller to carry out some repairs.
In our view, regardless of whether you are the buyer or seller, the preferred option for both parties is a price reduction. Everyone knows where they stand with a price reduction. If on the other hand the buyer and the seller agree that the seller should carry out some repairs prior to settlement, often disputes arise between the buyer and seller (sometimes on the day of settlement) as to whether the work has been performed satisfactorily. Often these disputes can lead to delays, additional expense and sometimes contracts can even fall over (even at the point where the buyer has everything including the grand piano in a removalist van parked outside the property waiting to unload).
As the building and pest inspection is an essential part of the due diligence process we can advise you so that you are prepared.
CALL ☎ 07 3844 0188 EMAIL 📩 email@example.com
How much deposit you pay comes down to a negotiation between you and the seller. THERE ARE NO RULES! Often buyers negotiate to pay a nominal deposit when they first sign the contract e.g. $1000 or enough to cover the cooling … Continue reading
Does the standard residential houses and land or lots in a community title scheme contract suit your circumstances? Before signing on the dotted line it is always a good idea to consult a conveyancing solicitor to ensure that the contract … Continue reading
The standard Queensland Contracts give a buyer the right to carry out a final inspection prior to settlement. Buyers and Sellers are often confused about the parties rights and obligations following this inspection. So what is the inspection for? The … Continue reading
Buying real estate requires a sizeable investment no matter where you are buying and so it can be a very daunting process at the best of times. Buying off the plan is no exception and can sometimes be even more stressful. Perhaps … Continue reading
GM LAWYERS ~ BUYING AT AUCTION CHECKLIST Many homebuyers or property investors get totally overwhelmed at the thought of bidding for a property at auction. Buying at Auction can be an emotional roller coaster for many and there can be pitfalls … Continue reading
When seeking the advice of precise property lawyers it is essential to select a company that provides the best possible service. Whether you are buying your first home or selling your current property with the view to moving on, GM … Continue reading
Choosing a solicitor to handle a legal matter is sometimes quite difficult for many people, especially those who have not had any previous need but find themselves in a situation where they urgently require legal advice. Very large firms can … Continue reading
Buyers and sellers looking for someone to help them with property transactions often get confused by the differences in terminology between the role of a solicitor and that of a conveyancer. To add to the confusion, not all states in … Continue reading
Buying and selling property usually involves very large sums of money and for most people these are the largest financial transactions they will enter into in their lifetime. In Queensland a number of different laws govern the transfer of property. … Continue reading
Conveyancing is the legal term used when describing the transfer of property from one person or company to another. The most common property transfer is usually conducted between a seller and a buyer, although you may transfer property between people … Continue reading
Conveyancing is typically understood as the legal process involved in transferring a property title from a seller to a buyer. In practice, it is much more complicated than this simple statement, but the end result should be that the buyer, … Continue reading
Whilst the thought of planning what will happen to your worldly possessions upon your death can be a confronting experience it is a valuable and necessary step to ensure your loved ones are provided for in the manner you desire. … Continue reading
There are many reasons why you may be involved in a property transfer. The most obvious is that you have sold a property or you have purchased a property. In a situation like this, the steps can be simple. Well, … Continue reading
There are a couple of things to do in preparation to buying a property, be it residential or commercial. Searching for the right place to live or invest can be a big task and certainly takes up the most time … Continue reading
The Newman Government’s First Home Owner Construction Grant is worth $15,000 • The FHOCG is for first home buyers who are buying a newly constructed or off-the-plan property • The FHOCG replaces the First Home Owner Grant which was $7,000 … Continue reading