Key Benefits of Home Inspection to the Conveyancing Process
Posted on: 18 April 2022
A new house represents a significant investment; therefore, you must do things right when you finally acquire a loan and are ready to purchase a property. Notably, any major missteps can cost you a lot of money, time, and general well-being. Therefore, a proper property inspection is a crucial part of the conveyancing process that homebuyers must take seriously. You can hire a professional home inspector for the process before signing on the dotted line and sealing a property purchase deal. However, most people skimp on this part of the conveyancing process, assuming that a seller has already inspected the house on sale. This article highlights the importance of house inspections in the conveyancing process.
Conveyancing Contracts Are Binding — Typically, home inspections are part of a conveyancing contract. It allows a prospective buyer to inspect critical aspects of a house, from the roof to the foundation. Notably, any issues identified are open for discussion by both parties' agents. Once you are satisfied with all inspection reports, you can proceed to sign a conveyancing contract. Most importantly, your signature implies that a property is in good condition and you accept the terms. Therefore, if you do not inspect the property you plan to buy and proceed to sign a conveyancing contract, any issues you discover later will be your problem, not the seller's.
Negotiable Conveyancing Process — Some property sellers do not budge from their quoted price, especially if they know a property's worth; therefore, negotiating with them can be problematic. However, you can still introduce the element of negotiation to a conveyancing process, and home inspections are one. Notably, a property seller cannot be sure of the condition of their home unless they hire a professional to inspect the property and make a report. Therefore, you should take the word of a property seller with a pinch of salt until an inspector hands the report. Most importantly, you can use the findings to negotiate the selling price even if the identified issues are minor. Thus, one of the objectives of a home inspection is to make price negotiations part of the conveyancing process.
Save Time — Imagine you are about to sign a purchase agreement only for your partner to return from the basement telling you they have spotted a termite nest. You will be frustrated because termite infestation only means one thing, a compromised structure. Although a seller can call pest control services to eliminate the termites, you cannot recover the amount of time wasted. Therefore, performing home inspections as early as possible can save you valuable time. For instance, if you find issues with a house early enough, you can stop the conveyancing process and start looking for another property.
For more information on conveyancing, contact a professional near you.
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