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BUYING GUIDES |
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BUYING - The Costs of Buying
Article sourced from St George
Searches and inspections
You should not exchange contracts to purchase a property until you have had all the necessary searches and inspections done. If a "cooling off" period applies to your contract, you may be able to have the inspections and searches completed between the exchange of contracts and the end of the "cooling off" period. You should be advised by your solicitor/conveyancer/settlement agent as to what searches and inspections need to be carried out.
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Searches and inspections may include:
> Building inspections - The cost depends on the detail required in the report. The written report should detail any flaws, including problems with damp and the structure of the building and roof.
> Structural inspections
> Pest reports - Although this seems like an unnecessary cost now, it is a small price to pay when compared with the price of possible building repairs at a later date. This report should detail any evidence of pest infestation in the property, such as ants, and if required, any recommended treatment. |
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> Surveys - This may be requested by your legal representative to check the position of the house and its boundaries, and confirm that the house is built on the correct block. It will also confirm whether or not it has been built in accordance with local council requirements. |
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