Final inspections before settlement Did you know.... The requirements regarding final inspections in the Joint Form of General Conditions for the Sale of Land (the General Conditions). The buyer of a property is only entitled to one final inspection before settlement, with the time and date being determined by an agreement between the buyer and seller. As per the General Conditions, this final inspection needs to be within five business days before settlement or the possession date, and on a business day between the hours of 9.00am and 4.00pm. If the buyer and seller are unable to agree to a time and date for the final inspection, the buyer has the right to specify the time and date but must give minimum notice of one business day. Although there are different versions of the General Conditions, those produced by REIWA and the Law Society of Western Australia are the most widely used within Western Australia. The latest version of the REIWA/ Law Society General Conditions is dated March 2011. Buyers and sellers are advised to use the latest version when drawing up a contract. Source: Consumer Protection Division, Department of Commerce
Posted on: Mon, 23 Sep 2013 02:41:25 +0000
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