NSW is proposing to make the vendor procure the building and pest inspections, then pass this cost on to the purchaser upon settlement. Will this be a good or bad thing for investors? Personally, I undertake my own inspections so I will be up for higher entry costs.
Where you do rely on 3rd party inspection reports, will you feel comfortable with someone else's report?
Will insurance companies extend the inspectors Professional Indemnity Insurance to the purchaser or will they restrict it to the vendor?
I wished for this few months ago. I hope that it spreads across all the states. The report should be able to be accessed from the agent at the counter and be done by a totally independant builder pest inspector (somehow).
I think a manatory cost would not be so bad to incur. I am all for this because it's a real good for consumer protection.
IP Freely,
I think its a good thing for auctions. Bad for pest and building inspectors who can do one job and then copy and paste for next couple of customers, and make money for nothing.But of course if its run by the government – then it will definitely be stuffed up.
I think in ACT, it is like that. The vendor provide the reports and recoup the cost when sell. The report is done by independent company. I think it is better for buyer, saving the cost and time.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
