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One of the things that consistently amazes me, yet often delays the formal exchange of a Contract of Sale of Real Estate, is that many vendors just don't seem to be ready to sell their property.
Just as you would probably have a mechanic check over a car before you decide whether or not to buy it, you can be confident that most house buyers will want to get reports about the property from qualified building and pest inspectors.
Whilst the Contract of Sale of Real Estate published by the Law Institute of Victoria and Real Estate Institute of Victoria include general conditions providing that a purchaser can end the contract (within 14 days from the day of sale) if the building or pest inspection reports dlsclose a major building defect or a major current pest infestation, we find that in their haste to "get the sale" most real estate agents will facilitate building and pest inspections for a prospective buyer before the contract is actually signed and exchanged.
When acting for vendors, most of the delays we encounter are a result of this - the real estate agent has negotiated a price, and the purchaser (armed with the knowledge of the building and pest inspection reports), through their lawyer or conveyancer, begins to renegotiate additional terms of sale - essentially requiring the vendor to fix all the minor issues that the building and pest inspection reports disclosed. This state of affairs is frustrating:
There are two, seemingly, very simple solutions to these issues:
By attending to any building and pest defects before they are identified by the purchaser, a vendor will minimise (if not avoid) any delay to the exchange of the contract that would otherwise be caused by the re-negotiation of the contract to provide for the rectification of such defects.