Recorded Webinar: Doing the Pre-Purchase Due Diligence on Building Conditions (Qld)

The state of repair of a building can make or break a sale, but in circumstances where condition and defects are not evident to the ordinary person, what can a purchaser do to minimise risk or terminate the contract? This session will provide guidance on effective due diligence a practitioner should be advising their purchaser client to do and strategies when defects are found, including:

• Key elements of building and pest condition clauses
• Condition deadlines and why they are important
• What are the obligations of a purchaser? What does an obligation to act reasonably” require?
• Building report parameters and content – instructing the inspector
• When will a building inspection report be “unsatisfactory” for the purposes of the sale? Consideration of issues such as:

• building age
• quantity and severity of problems
• extent to which issues were evident to the purchaser at the time of contract

• Is a vendor under an obligation to rectify issues raised in the inspection report?
• What circumstances will allow a purchaser to terminate?
• When can a vendor terminate?
• Alternatives to termination, including negotiation of price or rectification options and associated drafting guides
• A discussion of relevant cases
• Recent State legislative developments in strata building defects and owners corporation obligations for the protection of purchasers