When buying property, do you know what reports to ask for and why?
Most times, a property – whether residential or commercial – is not what it seems on a simple visual inspection. This is why requesting a professional to do a specific, independent report on your behalf is just so important.
A conveyancer can help you to decide what reports are needed for your property and provide insight into how much is reasonable to pay for them. An experienced one can also recommend exactly which companies or inspectors to use.
Some examples of required reports and what they are for include:
Building condition and status reports
We request these reports on your behalf, and usually from a structural engineer. They obtain the file and plans for the building(s) on the property from NT Building Advisory Services and then inspect the property. Importantly, they will compare and report on what is certified on the file with how the building is actually constructed on site – what is known as the ‘status report’.
They will also do a visual examination of the structures and will report on anything that they can see which may be of concern to a new owner.
Pest report
This is completed by a qualified pest inspector. They will examine the property visually, looking primarily for termite activity in and around the property.
Plumbing report
A qualified plumber will examine the property visually, primarily to assess all the plumbing fixtures and fittings in and around the property and ensure they are up to the Australian Standard.
Electrical report
This is completed by a qualified electrician who examines the electrical fixtures and fittings in and around the property to ensure the electrical components comply with the Australian Standard.
Pool report
A qualified pool inspector will check the pool shell, equipment, filtration system and any other aspects and then give an assessment as to their condition.
Body Corporate Record Inspection
Known as ‘section 37 notices’, these are issued by buyers of any units or properties that operate under body corporate conditions with common property. This notice gains information about the relevant funds held by the body corporate manager for general administration and also maintenance funds (known as a sinking fund). It also gains a copy of the relevant insurance that the body corporate holds over the actual building on the property.
Such information is needed for each buyer to properly assess the property, and also to provide to the buyer’s bank when requested, prior to settlement.
Having the right report provided to you gives you additional knowledge and potential bargaining power before you go ahead with your all-important purchase.
Need a conveyancer? Give us a call or send us an email! We can handle your residential or commercial transaction, whether you are the Buyer or the Seller.
Please feel free to call us on (08) 8941 6355 or email hannah@bowden-mccormack.com.au should you wish to discuss your property transaction needs.