Having a final inspection prior to settlement is and should be of highest priority. Organising one with both the real estate agent and or tenants/current vendors is extremely important and as a buyer your responsibility! Do not wait for the real estate agent to contact you as the buyer to organise one – if the real estate agent doesn’t hear from you, 9 times out of 10 settlement will still occur without a final inspection.
Not forgetting the legal right of a buyer, is the allowance of one inspection prior to settlement! If the property is vacant or you have a considerate vendor, sometimes a buyer will be able to do more than one inspection prior to settlement. However, take this as a luxury, not as expected.
A final inspection gives the buyer the chance to measure for furniture requirements, arrange any possible renovations or simply take a closer look at the property you purchased. Some common questions to ask and look for:
Is everything in working order?
Has anything been damaged since you last saw the property?
Is there a substantial amount of belongings still at the property?
If a problem occurs to any of the above, this doesn’t give the buyer the right to delay or withhold settlement. However first step would be to notify the real estate agent to confirm the facts and if still dissatisfied consult and explain the situation to your lawyer.
Action on these matters can only be taken after settlements occur. General Condition 24 allows an amount up to $5000 be held back from the vendor and paid to a third party (as long as the buyer pays an equal amount also to the third party). Most importantly settlement can still take place unless substantial damage has happened prior to settlement (i.e. flood, fire, etc) – and this will be handled and a resolution regarding costs and time will be done between both the buyer and sellers legal representatives.