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A pre-purchase inspection is an exercise in
'due diligence', ensuring that the investment
the buyer is making is a sound one. These
inspections are carried out by a qualified
building inspector who prepares a report on the
structural integrity of the property in
question.
From 1 January 2004, only building
consultants licensed under the Home Building
Act 1989are permitted to carry out
pre-purchase inspections of residential
properties in New South Wales. Other
inspections, e.g. pest inspections, do not
require a licensed practitioner. However it is
vital to have pest and electrical wiring
inspections made prior to purchase.
What is a final inspection?
The final inspection is most often
made before, or on the day of, settlement, a
final inspection is used to ensure that the
property is in the condition that is described
in the contract and that all inclusions have
been made.
What happens if problems are not
found? If the licensed consultant was
negligent in doing the inspection, or did not
identify problems with a property during an
inspection, you may be able to take legal
action against them. Seek further legal advice
if you are unhappy with the results or outcome
of an inspection.
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