Vendors foot pest inspection bill
HOMEOWNERS putting their properties on the market could soon be footing the bill for building and pest inspections.
The current system that requires prospective buyers to pay for inspections on every home they consider purchasing is being reviewed by the State Government.
In what would be a major saving for financially stretched home buyers, the vendor would offer the inspection report with the contract to anyone who expressed interest in the home.
Lands Minister Tony Kelly has called for public comment on the proposals.
The review is expected to be finalised by November.
“Building and pest inspection reports cost around $500,” Mr Kelly said in a statement.
“And in auction situations with only one successful bidder for example, it means other parties have virtually wasted their money.
“The financial burden is multiplied for potential purchasers where several reports have been commissioned on different properties during the house hunting experience.
“If the reports are available with the contract, then potential purchasers have access to at least one set of pre-purchase inspection reports available on the property.”
Such a system already exists in Canberra in the ACT, he said.
The government review will be overseen by Labor MP Matt Brown.
“A review investigating the costs and benefits of both the current NSW system and the ACT system will formally and thoroughly assess whether a change in the current NSW system is required and if so, the nature and extent of the change,” Mr Brown said.
“The review will balance both the cases for and against such a proposal.”
Information on the changes is available at the Land and Property Management Authority’s website www.lpma.nsw.gov.au.
Public submissions to the review close on September 1.