If you are purchasing a property, although the property may look sensational, we recommend that you engage a professional to check the building structure (ie. provide a qualified builder's inspection report), obtain a pest inspection and be satisfied with this prior to putting in a written offer.
Sometimes there may be interest from other buyers and the need to sign a Contract becomes more urgent. In such cases, you should make the Contract subject to a satisfactory building and pest inspection within 7 days from signing of the Contract, to make sure that any works done to the property have been done professionally, and that you may be alerted as to potential future costs for building rectification works. The looser you make the clause, the better. ie. "This Contract is subject to the Purchaser's satisfaction following a building and pest inspection". Should the Purchaser provide written notice ending the Contract within 7 days from the Day of Sale, all deposit money paid is to be immediately refunded.
Try not to get pushed into a "major structural defect clause" (which many estate agents and vendors would suggest), as sometimes many minor defects add up to a lot of costly repairs, and you will not be able to end the contract on this basis if the clause contains the "major structural" words.
When you find a property that you intend to purchase, please contact Matt Duker from Conveyancing Excellence on 9557 3344 or email@example.com for specific advice before you put pen to paper.