The Special Conditions of your offer practically relate to the title, location, value and condition of the property you are purchasing.
Building Inspection
An inspection by a qualified building inspector is an essential part of your due diligence. It is highly recommended that you accompany the building inspector. This will allow you to see both the good and bad points of the property and put into perspective any issues that may arise from the inspection. You will probably need to consider items of deferred maintenance, their likely cost and when these repairs will become essential.
Registered Valuation
It is likely that the Lender will require a Registered Valuation by a qualified valuation professional. The valuation report is typically around 6 pages of useful information about your new home, including a thorough description of building materials used, a copy of the title search, a “walk through” analysis of your home, including land and dwelling area, and comparable sales information in the area.
Title Search and Land Information Memorandum
(LIM report)
Searching the Title and the decision on a LIM report are issues that you should discuss with your solicitor at an early stage during the purchase.
