For new buyers, due diligence and building inspections can take a backseat to eagerness and excitement about purchasing a new home. Failure to obtain an inspection report from a reputable, registered building inspection company can leave new homeowners in a precarious position, especially if significant defects or structural defects are found on the property.<\/p>\n
Understanding Real Estate Contracts: Structural and Significant Defects<\/strong><\/p>\n Often, it’s not easy for first-time buyers to understand every aspect of their real estate contracts, due to the highly specific wording and industry language. This means that many new buyers may not realise just how much recourse they have if a property they’ve agreed to purchase is discovered to have structural or significant defects due to the findings of a professional building inspection company.<\/p>\n Standard real estate contracts in many parts of Australia allow buyers to be legally released from a purchasing agreement if major structural defects are discovered. This means that you will not be required to complete a purchase if a building inspection report shows evidence of such. Should your building inspection report show documented evidence of a significant structural defect, you may be able to terminate real estate contracts in order to protect your investment<\/p>\n