Phone (03) 9332 3300
Address 71 Powell Street Yarraville VIC 3013

Phone (03) 9332 3300  |  Email
Address 71 Powell Street Yarraville VIC 3013

How can a buyer protect themselves when buying a property especially when they do not have the skills or expertise to properly inspect a property for defects?

The best approach is to engage professionals to conduct building and pest inspections prior to signing a contract. Where this is not possible, then special conditions to reflect these can be included in a Contract of Sale as part of negotiations to offer additional protection for a purchaser.

Such clauses must be drafted very carefully to protect the buyer and allow withdrawing from a Contract of Sale when an inspection reveals defects. If you withdraw from a contract due to the non-performance of the above correctly drafted special conditions, then the deposit monies are refunded in full without deduction.

When drafting a building inspection special condition, buyers must be aware of the differences between ‘defects’, ‘structural defects’ or ‘major structural defects’ AND most importantly, how not understanding this difference and getting the wrong special condition drafted into your contract could cost you thousands of dollars.

DGK Conveyancing can assist by reviewing your Contracts and advising what Special Conditions to include prior to your execution for your protection and peace of mind. This is a complimentary service. Contact us today to discuss your options.