Is there a survey carried out on the property, structure and foundations?
If you are buying a newly built property this should carry a builder’s warranty. If you are buying a resale property it is advisable to inspect and survey the property. Inspection rights are addressed through specific provisions in the contract of sale and purchase. Inspections are typically conducted through professional inspection companies at a fee of aproximately $300.00. The outcome of the inspection can lead to the seller giving a credit against the purchase price for any repairs needed up to a pre-determined amount. Or the buyer accepts the “as is” condition of the property but has the right of cancelling and is refunded all monies paid on request.
