The purpose of a purchaser’s final inspection is to ensure that the property is in the same condition as at the day of exchange (i.e, the day the contract was signed by both parties), subject to fair wear and tear.

If settlement is conditional upon certain events taking place (such as the vendor replacing or repairing an item in the property), the final inspection also gives the purchaser an opportunity to ensure that this has been done in accordance with the contract.

It is important that any concerns the purchaser may have are raised and addressed prior to the property settling. Once settlement has taken place, any repairs and/or maintenance to the property will become the responsibility of the purchaser as the new homeowner.

During a final inspection, typically undertaken the of or prior to the settlement date, the purchaser should inspect the following:

• Damage: any damage to the property which has occurred after the day of exchange, such as broken windows, holes in walls etc

• Cleanliness: the property should be left in a neat and tidy manner and if sold via vacant possession the vendors belongings have been removed in accordance with the contract; and

• Inclusions: all fixtures and fittings (blinds, dishwasher, split systems, air conditioning electric gates etc.) should be present if included in the sale and in working order (if they were in working order at the day of exchange).

If items requiring rectification are discovered during the final inspection the purchaser needs to raise their concerns with their conveyancer immediately so that the purchaser’s rights can be appropriately preserved and protected prior to settlement.

The way these concerns are repaired and/or managed will largely depend on the terms and conditions of the Contract for Sale regarding who is responsible for repairing the damage caused (which was not present at exchange). If the vendor is required to make the necessary repairs, however is unable to do so prior to settlement, the purchasers conveyancer can negotiate the most suitable method of rectification.

If you are looking at purchasing a property reach out to us today.