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Building & pest reports in NSW will become compulsory

Discussion in 'Real Estate' started by Billv, 26th Jan, 2010.

  1. Billv

    Billv Getting there

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    Have you previously paid for a building & pest report but didn't end up buying the property or didn't win the auction?

    NSW HOMEBUYERS will now save thousands of dollars under new laws forcing vendors to fork out for building and pest inspections.

    And people selling older properties could be forced to disclose the building's energy efficiency rating and whether it contains asbestos.

    NSW would be the first state to change the system after the ACT.

    Law makes homebuyer bills no pest | The Daily Telegraph
     
  2. Crusher

    Crusher Well-Known Member

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    Sounds interesting.. Someone commented on the telegraph post saying the seller could get a building inspector to give them a favourable report, I don't know how true that is, but does raise some questions.. :eek:
     
  3. propertybuyingguide

    propertybuyingguide Member

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    I think this is a really interesting development, and will certainly be closely watched by the property industry! Multiple potential buyers at an auction all getting property reports does seem strange, but I really like your point Crusher that it might leave the door open for vendors to manipulate the process.

    If it is introduced, the report the vendor is required to obtain will no doubt be basic, and fully disclaimed. This may mean the purchaser would want to get their own report anyway - especially if they want advice re. potential renovations etc.

    Look forward to hearing more about this topic.

    Regards
    PropertyBuyingGuide

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  4. Billv

    Billv Getting there

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    I doubt that the government will leave this area unregulated
     
  5. Jacque

    Jacque Team InvestEd

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    There are already companies out there such as Parallels H-Sphere who offer partial rebates for unsuccessful auction bidders - a sign of changing times, I believe, and a good start. However, they don't yet cover all areas and are limited in their offerings ie: auctions only.

    However, I think that's it well overdue that vendors contribute to a regulated system that allows as many buyers as possible the opportunity to make pre-purchase investigations. The biggest hurdle to overcome will be the cries of complaint from all the small building/pest operators currently out there, relying on multiple jobs from the same property to make a living. New regulation is going to require a lot of careful planning.
     
  6. James_w

    James_w Member

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    So the vendor now has to pay for a building and pest inspection report what if the home is 12months or les or old couldnt the vendor simply provide the original report from when they have bought the home?