Pre-Settlement Inspection: Ensuring Your New Home is Ready

A pre-settlement inspection is a critical final step before completing the purchase of a property. This inspection allows the buyer to ensure that the property is in the agreed condition, as stated in the contract, and that all fixtures and fittings are as specified.

Purpose of the Pre-Settlement InspectionThe main goal is to verify that the property is exactly as you expect before you take ownership. This is the time to check that:

  • All contractual terms have been met.
  • The property has not suffered any damage since the initial inspection.
  • All fixtures and fittings are present and in working order.

Conducting the InspectionIt's typically done in the week leading up to the settlement date. Buyers should test all fixtures and fittings, check that agreed-upon repairs have been made, and ensure that the property is clean and empty unless otherwise agreed.

What to Do If Issues AriseIf problems are identified during this inspection, you can request delays in settlement or ask the seller to resolve the issues before proceeding. It's crucial to document any discrepancies and communicate them through your legal representative.

ConclusionA thorough pre-settlement inspection is essential for ensuring that your new home meets all expectations before you finalize the purchase. Taking this step seriously can prevent any unwanted surprises and ensure a smooth transition to your new home.

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Sucasa Loans Pty Ltd ACN 106 968 370 Australian Credit Licence 443249. Australian Financial Complaints Association (AFCA) 93243. Copyright Sucasa Finance Pty Ltd.‍

**Comparison rates: All comparison rate examples shown are for a loan amount of $150k and a term of 25 years at a 98% LVR. WARNING: Sucasa’s rates currently vary based on the value of a property. Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. The actual rate offered may be higher or lower than the comparison example above‍.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. You must consider whether a Sucasa Loan is appropriate for your circumstances and needs. If necessary, seek your own professional advice. Credit criteria, fees, charges, terms and conditions apply. Information correct as at 30th November 2023.