- ‘The contract is conditional upon the buyer/s obtaining at their expense a written report from an independent registered builder or qualified structural engineer, certifying that the dwelling on the property is structurally sound within 14 days of acceptance of this contract.
- ‘If the report discloses that the dwelling is not structurally sound, the buyer/s may at the buyer’s option, terminate this contract by written notice, supported by a copy of the report, to the vendor within 24 hours of receipt of the report…’
The wording, ‘structurally sound’ should ring alarm bells. It means that you must buy the property unless it has major structural defects. Most properties are structurally sound, but may still have significant problems such as rusted gutters, rotten windows, broken plumbing and other costly repairs.
Running your contract past a solicitor or conveyancer before you sign is extremely important. They act in your favour and will ensure the conditions are worded in a way that protects your interests. A better example of a building condition is:
- ‘The contract is conditional upon the purchaser/s obtaining at their expense a Building Inspection Report accepted as satisfactory by them within 14 days of acceptance of this contract.
If the report is not to the purchaser’s satisfaction, the purchaser/s may at their option, terminate this contract by written notice, supported by a copy of the report, to the vendor’s agent prior to date of 14 days from acceptance.’
If the inspection report comes back with defects, the 'accepted as satisfactory' bit gives you greater control over whether you have to proceed with the purchase of the property.