Surprisingly, there are many buyers who don’t bother with doing a final inspection on the property they just bought. Whether it be laziness or just plain disinterest, they may leave themselves open to losing money on damages that weren’t fixed and occurred between the purchase and settlement of the property. Once the property settles you are the one who inherits the problems and there’s no going back.

You must always go through your new purchase a day or two prior to settlement. Check through thoroughly and make sure that it will be handed over the same way you purchased it at the signing of the contract. By conducting the inspection a few days prior to settlement, you enable the current vendor the time to remedy and problems that need fixing. Try to be mindful of that, so you have a greater likelihood to settle on the agreed date as pushing settlement dates around can incur further costs legally and from financial institutes.

For your own peace of mind, take the time to follow through with all necessary activities during the settlement period. It may seem strenuous at times, though for most people, purchasing a property isn’t an everyday event, so it’s worth putting the time and effort into ensuring you get what you pay for. Unfortunately, we live in a world that we can’t entirely trust that people will do the right thing, so don’t be taken advantage of and save yourself money by investing time into taking the right steps.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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