What are the regulations and requirements around property inspections, including pest and building inspections?
When selling a property on the Gold Coast, property inspections, including pest and building inspections, are an important part of the process. Here’s an overview of the regulations and requirements you should be aware of:
Building and Pest Inspections
These inspections are usually carried out to assess the structural integrity of the property and the presence of pests. Although not legally required, they are highly recommended to give potential buyers confidence in the condition of the property. Purchasers often employ licensed businesses to carry out these inspections.
Seller’s Disclosure
Sellers are generally required to provide accurate and honest information about the condition of the property, including any known defects. This includes disclosing any previous termite treatments or repairs. Full transparency helps build trust between the seller and potential buyers.
Cooling-Off Period
Queensland law provides buyers with a cooling off period after signing a contract. During this period the buyer can withdraw from the sale without penalty. However, if the buyer decides to proceed after viewing and discovers problems, negotiations can take place.
Standard Contract of Sale
The contract usually contains a standard clause allowing the buyer to carry out inspections within a certain period, usually 7 to 14 days. This allows the buyer to hire inspectors and make a thorough assessment of the property.
Pre-Sale Inspections
Some sellers choose to carry out building and pest inspections before listing the property. This gives potential buyers immediate information about the condition of the property and can speed up the sales process.
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Licensed Inspectors
It’s important to hire licensed, qualified and insured inspectors for building and pest inspections. This ensures that the inspections are accurate and meet industry standards.
Cost
The cost of building and pest inspections is usually borne by the buyer. However, if a seller chooses to conduct pre-sale inspections, he or she would be responsible for these costs.
Provision of Reports
Sellers may choose to make the building and pest inspection reports available to potential buyers. This can demonstrate transparency and make the purchase process smoother.
Negotiations
If inspection reports reveal problems, negotiations may take place between the buyer and the seller. Sellers may choose to rectify the problems, reduce the sale price or offer concessions to address the concerns raised.
Termites and Pest Control
Termites are common in some areas of the Gold Coast. Sellers should disclose any history of termite treatment or infestation and any ongoing pest control plans.
Documentation
Sellers should keep records of previous inspections, treatments, repairs and any other relevant documentation relating to the condition of the property.
It’s important to work with a knowledgeable real estate agent or legal advisor who can guide you through the regulations and requirements specific to property inspections on the Gold Coast. This will ensure a smooth and transparent process for both sellers and prospective buyers.
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.
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