The contract has been signed. Your finances are in order. You know that the settlement date has been scheduled. You’ve packed up all your stuff and you are just about ready to move into your new home. Congratulations! Soon, you will be a proud owner of a new home, but wait up! Have you done your final inspection? Just in case, your real estate agent has failed to mention this little important fact to you – you, as a homebuyer, is entitled to a final inspection or a pre-settlement inspection. This inspection, as the term implies, is conducted before the final settlement.
Are You Required to Do This?
No, you are not obliged to have a final inspection. However, it is your right to get one if you want to. In truth, it is more of a need rather than an obligation. You have to because you need to make sure that you are getting the best value for your money. A house is a huge financial obligation, so you should never skip the final inspection.
Why Should You Get Your Home Inspected?
Homebuyers have various reasons why they want to get a property inspection before final settlement. Generally, however, they all want to make sure that they are getting what they paid for – or what they plan to pay for. For instance, they want to make sure that the house is exactly what they expect it to be. All the features and fixtures included in the contract should not be replaced or removed. At the same time, the homebuyer may want to make sure that the previous owners have removed all the things that the homebuyer wouldn’t want to be saddled with. Finally, homebuyers may want to make sure that everything in the house is in proper order and they wouldn’t be saddled with nasty surprises like termite infestations and rotting house foundation.
When Is the Best Time to Do a Final Inspection?
We suggest that you do this property and home inspection as close to the settlement date as possible. This way, you can make sure that the property meets your satisfaction before you actually finalize the purchase of the house. The date would vary depending on the vendor’s presence in the property. For instance, if the vendor is in possession of the property until the settlement date, then it is better to wait until they have left but before the settlement. This way, you will be able to check the property without any problem. It would be difficult to do a thorough inspection if the vendor is still living in the house.
It is important to check the property before settlement, so if there are problems, there will still be time to solve these problems and have them fixed. If the house is not in the condition you agreed it should be, you can get the house fixed before settlement. This is why you should never waive your right to a final pre-purchase inspection.
