This Article is About
conveyancer
strange ideas
inclusions
real estate agent
dishwasher
Buying A New Home? Don’t Skip The Final Inspection Before You Pay The Final Balance
Join 1000's of Authors at StreetArticles Today!

Buying A New Home? Don’t Skip The Final Inspection Before You Pay The Final Balance

Are you about to pay the final amount on your new home? If you are make sure you don’t forget to do a final inspection with the Agent on the morning of Settlement before you authorise your solicitor or conveyancer to hand over the balance of the purchase price.

If you are buying a home in NSW the standard Contract For Sale will contain a clause that allows you at least one inspection after you sign the Contract (ie. Exchange Contracts) and before you pay the final balance (Settle). Settlement usually takes place about six weeks after you Exchange Contracts and pay the real estate agent an initial 10% deposit.

The purpose of the final inspection is to make sure that the home is in the same condition as it was in at the time you Exchanged Contracts and to make sure that all the Inclusions listed on the Front Page of the Contract and in the special conditions are still there (eg. the air conditioners, dishwasher, gas-heater, swimming pool equipment etc). Even if you have visited the property several times leading up to Settlement it is still essential to make the time to do a final inspection as owners often get strange ideas close to the end in relation to what they are entitled to take. It is often the case that a purchaser arrives at the new property after Settlement only to find that there is a hole in the wall where the air-conditioner was, or a gaping hole in the kitchen where the dishwasher was, or the brand new dishwasher has been replaced with an antique model.

If there are any problems you should point them out to the real estate agent and also contact your solicitor or conveyancer. There are several options to remedy a problem including:

(a) The seller fixing the issue before Settlement if there is time;

(b) The agent agreeing to hold part of the 10% deposit you paid to him until the seller fixes the problem and to release it to you, if the problem is not rectified within a certain agreed time period; or

(c) The agent agreeing that a certain amount of the 10% deposit that you paid to him will be released to you to fix the problem yourself.

Remember that it is essential that you get anything agreed in writing before the Settlement or it will not be binding and what is agreed may be difficult to enforce.


Street Talk

No comments present
You May Also Like
Legal Entanglements Of Buying Real Estate
Shopping for a home can be a little more complicated than finding the property and the money to pay for it. Between you and the night you sip champagne on the porch of your newly acquired house lie mounds of paperwork, with very small print, and jargon that you probably…
By: Chris Cochrane in  Real Estate  >  Buying   Feb 20, 2012  
0
  Likes: 0

8 Reasons Why Families Should Choose Condo Over Traditional House And Lot Living
Settling in massive houses has been the norm for families in multiple countries. However, through the years, these houses have become bigger and families began having fewer children. Parents started working longer hours while their kids stayed in their room and occupied themselves with gadgets. Due to this arrangement, families…
By: oliviacoore in  Real Estate  >  Buying   Jun 06, 2016  
0
  Likes: 0

How Buyer’s Agent Can Make Your Life Easier
Buyer’s agents charge a fee for finding, vetting and purchasing a property on your behalf. You might wonder why people pay more money in what is already an expensive process. Their job is to help you through the process. The reason is because they are trusted experts who are shepherding…
By: Maria_Williams in  Real Estate  >  Buying   May 18, 2016  
0
  Likes: 0

Vahe Hayrapetian Elaborates How Location Affects Your Property Value
You may have already heard that location is one of the primary factors that affect a property’s value. It is no secret that some areas are just more desirable to live in than others and are, then, more expensive. There are also certain landmarks and structures around your home which…
By: Terrence Wright in  Real Estate  >  Buying   May 06, 2016  
0
  Likes: 0

Profit Maximization And Rental Property
Ecuador is a popular south American country which is right on the equator basically overlapping it, the country is blessed with many attractive spots such as the amazon jungle, Andean highlands and other such wonderful locations, the capital of this beautiful country is Quito and the official language is Spanish,…
By: Anrew Stieve in  Real Estate  >  Buying   Apr 29, 2016  
0
  Likes: 0

How to Buy Real Estate In Ecuador?
Real estate is probably one of the most famous thing in the world. There are always people who want to buyer new properties for themselves or perhaps sell it off and start a new business. This is what keeps real estate running and it seems that it will never stop.…
By: Anrew Stieve in  Real Estate  >  Buying   Apr 29, 2016  
0
  Likes: 0

Home Buying Pointers Before Approaching Lenders Like Vahe Hayrapetian
Whether you’re looking for a place to move into from your parent’s basement, or if you want an upgrade to your current living quarters, purchasing a home is never an easy task. Unless you have millions of dollars stored in your bank account, financing a new home and looking for…
By: Terrence Wright in  Real Estate  >  Buying   Apr 28, 2016  
0
  Likes: 0

What Makes A House A Good Buy In A Bad Market
Even though the real estate market is suffering, buyers can still find great deals on nice properties if they only know how and where to look. This is a lot easier said than done, however. In this article, we will talk about various tips you can use to make sure…
By: Kim Valerio in  Real Estate  >  Buying   Apr 08, 2016  
0
  Likes: 0

Instillations That Must Be Available In Every Classy Apartment
INSTALATIONS THAT MUST BE AVAILABLE IN EVERY CLASSY APPARTMENT Apartments for rent Scarborough offers you some of the best services in the region. Every service that you receive from the management of these apartments is meant to make your stay more interesting. There is however a possibility that some managements…
By: Gloria5 in  Real Estate  >  Buying   Apr 06, 2016  
0
  Likes: 0

Pleasant Asian Side
If there is a country in the world which is the most appropriate to the definition of "tropical paradise", Thailand will be obviously on the top of the list. This state in South-East Asia is often called the "golden country" but not because of the special wealth of Thais or…
By: John Walker in  Real Estate  >  Buying   Mar 25, 2016  
0
  Likes: 0

How to Make the Best Cash Back Deals From Your Escrow Account In Property Purchase
Unknown to most property buyers, Escrow accounts can help one reap some good bounties from the actual property purchase, especially if you are acquiring the property through a mortgage. Apart from the simple fact that it provides a sense of security for both buyer and seller until all the transactions…
By: Matthew fleming in  Real Estate  >  Buying   Mar 25, 2016  
0
  Likes: 0

Renting An Apartment VS Getting A Condo
With the abundance of projects in today’s residential market, hunting for a new home may be quite overwhelming for first-time home-seekers. On the up side, this article is going to tackle one of the most frequently asked questions by a home-pursuant: ‘Should I opt for an apartment or a condo?…
By: oliviacoore in  Real Estate  >  Buying   Mar 17, 2016  
0
  Likes: 0

Home Buying Myths Debunked!
You want to buy your first home and there is information EVERYWHERE - from your family, friends, real estate professionals and countless online articles. With all of that information coming at you, how do you separate fact from fiction? Here are some questions we see most often: 1) Buy the…
By: feeDuck in  Real Estate  >  Buying   Mar 12, 2016  
0
  Likes: 1

Under Construction In Slough
It is widely recognised that there is a desperate need for more affordable housing across the UK and the issue is particularly poignant in the South East. Located just 19 miles from London, Slough is a bustling town in East Berkshire, where the demand for homes is high. Slough is…
By: Mary Jackson in  Real Estate  >  Buying   Mar 08, 2016  
0
  Likes: 0

Squamish Real Estate Agent: All About Best Property Deals
The person who takes the responsibility of selling or buying a property on behalf of a client and brings valuable information regarding property deals is known as a professional real estate agent. It is very much possible that you are aware of this information about real estate agents yet it…
By: Smith Davidson in  Real Estate  >  Buying   Mar 04, 2016  
0
  Likes: 0

Article Views: 1478    Report this Article