When Should I Have My Building Inspection Done.
Buying a house or unit? Given that banks have recently become more stringent in their lending criteria, it is very important to give yourself plenty of time to get your mortgage pre-approved, preferably before you sign a contract and better still, before you even start looking. You also need to make sure your building inspection date is at least 1 week after the finance approval deadline in your contract.
For example, if you are signing a purchase contract on the first of the month you need to ensure your finance approval date is at least the 21st and that your building inspection date is no earlier than the 30th. This way, if you have any trouble with your finance you don’t need to go to the expense of having a building inspection conducted. You might also want to give yourself enough time to digest and consider the findings reported by your building and pest inspection, particularly if any further investigations are recommended.
However, if you need to move quickly, you may need to take a risk on having a building and pest inspection conducted, perhaps unnecessarily. There is no reason why you can’t have the building inspection date and finance approval date the same.
Either way, you should discuss this issue with your solicitor before signing a purchase contract. Even if it’s a standard contract, it’s a good idea to talk to your solicitor before signing. Don’t feel rushed by the agent, who, after all, is not the one making the commitment.
Finally, don’t forget that the building inspection date in your contract is the date before which you must make a decision to proceed or not, based upon the findings of your building and pest inspection report, not the date when your building and pest inspections are actually conducted.
