Conveyancing update: Property Inspection Reports
It’s been greatly anticipated and been a while in coming – real estate agents will soon be required to inform prospective buyers of any pre-purchase Property Inspection Reports, such as Building reports and Pest reports, which have already been conducted on properties for sale.
When purchasing a property, it is advisable to have inspections conducted on the subject property to inform of any potential risk, hazards or building code non-compliance which may need to be rectified by the current or subsequent owner. These inspection reports may also play a role in re-negotiating the purchase price prior to exchange of Contracts to take into account any expenditure which may be required to effect necessary building work.
The Minister for Innovation and Better Regulation, Victor Dominello, has announced the Property Inspection Report reform is intended to help provide prospective buyers access information as to which companies have already conducted Property Inspection Reports on the subject property to potentially lower costs of obtaining these reports and prevent duplication.
It is anticipated the new laws will come into effect before July 2016.
Check out the full article from Finance, Services & Innovation at: https://www.finance.nsw.gov.au/about-us/media-releases/promoting-innovation-property-inspection-report-market
If you are looking at buying or selling a property, or just have a query about the conveyancing process, give us a call today on (02) 6648 7600.