Anyone who purchases a home will be eagerly anticipating settlement so they can move in. They will have already inspected the property themselves and had all the necessary inspections done for things like termite damage, other possible damage or illegal additions. So what is the pre-settlement inspection and why is it essential?
When the contracts for the buying and selling of the house are drawn up, there will often be inclusions such as specific curtains and light fittings or other goods and chattels. If there is obvious damage of some kind it is usually mentioned and if the vendor does not agree to have it repaired, the cost is usually taken off the sale price.
The contracts for the deal must be exchanged, but that is not the time when ownership of the home passes to you. First, a settlement date and time must be set for the payment to go ahead and the title deeds to be exchanged. Your lawyer or conveyancer will take care of this and the date is usually 42 days after the contracts were exchanged.