Buying a home is one of the biggest financial decisions you’ll make in your lifetime. You definitely want to make sure you’re making the right decision and buying the right property for you and your family. The best way to ensure this is through a property inspection with Action Property Inspections. But how do you decide when to book the building inspection? Should it be before or after you make an offer? And if you’ve made the offer and the building fails to pass the inspection, are you legally required to go ahead with the sale? Read on to find out everything you need to know before you buy your dream home!
Do you get a building inspection before making an offer?
Wherever possible, you should always book a pre-purchase property inspection before entering into a contract. This will allow you the freedom to move on to another property if the one you’re currently interested in doesn’t pass muster. Unfortunately, there are times where this won’t be possible – such as when a property is proving to be very popular, or if you’re buying via an auction. In that case, you’ll want to make sure that the building passing a property and pest inspection is part of the contract, in order to protect yourself financially. A solicitor or a conveyancer can help you with the wording.
When should you get a binding inspection?
In Queensland, the cooling off period when buying a property is 5 working days. If you cannot book a property and pest inspection prior to signing a contract, ensure that you book the inspection during this 5-day period. If the inspection uncovers any issues with the property, you can then back out of the contract and the seller then must legally disclose the issues with the property to other potential buyers.
Is an offer on a property legally binding?
An offer to purchase a property is not binding until a contract has been signed between the seller of a property and the buyer. Even then, the buyer has a cooling-off period of 5 business days, where they are legally entitled to back out of the contract. Once the contract becomes binding, you must pay the deposit and follow the conditions set out in the contract. We highly recommend that if you cannot obtain a pre-purchase property inspection, you ensure that any contract you enter has a property and pest inspection included as a condition.