Starting a business can be challenging, and keeping it going strong takes a lot of work. However, when these efforts are successful, the rewards are well worth it. As a small business owner, you get to pursue your passion, hone your leadership skills, and bring your product or service to the world. To manage all of that, a little bit of help is essential. This blog provides the help you need. If you have questions on business loans, marketing, insurance, getting started, hiring your first employee or anything else, explore these posts. They are designed for aspiring, new and veteran business owners.
When buying residential or commercial buildings, there is a high probability that your property lawyer will request a pre-purchase inspection. For most buyers, a pre-purchase inspection is one of the trivialities of buying property. Unknown to them, it is probably the most critical aspect of the property buying process. Below is a comprehensive extract on pre-purchase inspections in the real estate industry.
What Are Pre-Purchase Inspections?
A pre-purchase inspection evaluates the structural integrity of a property, its amenities and the quality of fixtures. It covers the following:
What Are The Benefits Of A Pre-Purchase Inspection?
The primary benefit of the pre-purchase inspection is that it enables you to establish if you are getting value for your money. For example, if the property is listed at a high price but contains significant defects, you could negotiate the asking price. For property flippers, the pre-purchase inspection enables them to determine if they can make a profit from the investment. The pre-purchase inspection can also help you avert legal problems. Typically, the inspector checks whether the builder complied with the building code. If the house does not meet the required standards, you could be prosecuted in the future.
When Should You Conduct A Pre-purchase Inspection?
More often than not, the pre-purchase inspection is conducted once the buyer signs the contract of sale. The primary objective of the exercise is to establish whether the property contains defects that the seller did not reveal in the disclosures. In this case, you have a right to receive your earnest money and terminate the contract of sale. The seller could also conduct the pre-purchase inspection before listing the property on the market. It helps them determine the repairs that the property requires.
Who Conducts The Pre-purchase Inspection?
In Australia, pre-purchase inspections are conducted by qualified building surveyors. The benefit of engaging the services of a building surveyor is that they have an ample understanding of the building code. As a rule of thumb, the surveyor should have a valid practising certificate.Share
22 June 2021