ORDERING A REPORT
Most consultants will need a minimum of 2–3 days notice to do a building inspection.
When ordering your building inspection report, make sure you give yourself enough time to make a decision. You should get the vendor’s permission to have the property inspected as early in the sale negotiations as possible. This will help you decide if the property is worth buying. There may be little point in spending money on conveyancing until you know the condition of the property.
Inspections done during the cooling–off period
When you buy a property in NSW there is a 5 business day cooling–off period after you exchange contracts. During this period, you have the option to get out of the contract as long as you give written notice. The cooling–off period starts as soon as you exchange and ends at 5 pm on the fifth business day.
A cooling–off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
If you want to get a building inspection done during the cooling–off period, make sure you give the consultant as much notice as possible. They will have to do the inspection, prepare the report and still give you time to make a decision. If you decide not to buy the property you will also need time to get a letter to the vendor or their agent, saying that you are withdrawing from the contract.