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Before Signing That Contract

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BEFORE SIGNING THAT CONTRACT
I have spoken to a few people over the years that have signed a contract of sale subject to a building and pest inspection being carried out. This is where things can go wrong, terribly wrong. Like many of us we are asked to sign the bottom of contracts, and various other documents but because the terms and conditions are not only 2,3,4 pages long and is printed in a size 6 font we just sign and hope all will be well. It is a week or so later you find out the legal jargon in the contract states that you can pull out of the contract only if a Major Structural Defect is found or if Live (Active) Termites are found. You need to be very careful before you sign this type of contact. It is of the utmost important that you get your lawyer to have a look at the contact of sale and get him or her to look over it and explain what it means. We have carried out building inspections and have found a number of defects that are not major structural defects but would cost many thousands of dollars to repair it. But, because the defects are not major structural defects you will still have to purchase the property.
We have also carried out Timber Pest Inspections and found Termite damage in the roof void, as well as internal skirting boards, door frames, and timber in the subfloor area (including floorboards). Remember, if termites have damaged timbers in the roof void there is only one way the termites could have got up into the roof void. Timbers, yes, that’s right, they come up the walls behind the plasterboards damaging wall framing timbers which cannot be seen until the plasterboards have been removed. The cost to repair this kind of damage anywhere from $10,000-$30,000+ and guess what, yes you got it, you cannot pull out of the sale because no live termites were found, the damage had been done and the termites had moved on but your left with a huge repair bill on top of the purchase price. Try having the contract wording changed to say something like “subject to your satisfaction” so if there is anything that you don’t like or is going to cost you a lot more than you originally thought you can walk away if you want to.


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