Browse Forums Real Estate 1 Jun 02, 2016 1:07 pm We have an offer on a new build in a new estate here, and when sent the contract, our solicitor's advice was to include a due diligence clause in the contract. We took this advice back to the real estate agent and he was not keen, and said that a due diligence clause on a new build was 'ridiculous' as they had already agreed to pest and building inspections, subject to finance, and provided a title search and plan. The real estate said that it would be a deal breaker. Would love some thoughts opinions on this, as we are meant to be signing the contract shortly. Re: Due diligence clause necessary when buying a new build? 2Jun 02, 2016 2:05 pm are you buying off the plan or entering into a building contract? Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: Due diligence clause necessary when buying a new build? 4Jun 03, 2016 6:56 am Dreamer49 It has just finished being built if that helps! I will never advise you don't follow your solicitor's advice, as for deal breaker it's BS, they want to sell right? A competent inspection is a must and even then it will only look at what is there and not how builder got there. Your inspector should report on 1 Incomplete work 2 Defects 3 Non compliance 4 Non conformance 5 Thermal imaging scan for roof leaks/insulation defects Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: Due diligence clause necessary when buying a new build? 5Jun 03, 2016 1:58 pm The agent is just trying to convince you because it is a new house it is faultless, but you can read 1000s of threads here that attest to the lack of quality and serious faults evident on new building work. Anyone that signs a building contract is only protected if they engage their own independent inspectors on top of what the builder has in place. Throw it back on the agent as to why they would refuse due diligence? If it is new and above board then it should pass in all areas? Due diligence can be for personal goals as well, etc subdivision. Personally I dont sign contracts where they refuse DD. Sounds d0dgy. Re: Due diligence clause necessary when buying a new build? 8Jun 22, 2016 6:04 pm Due diligence is one more way to be sure that your purchase is fine. It contains study of all potential risks to protect a buyer: background check on the property developer, land registry and records from the homeowners’ association, tax records, debt and legal encumbrances, technical condition and environmental hazards, potential returns and rental risks etc. It can cost about 10% of purchase, so it is up to you. Check this article about due diligence https://tranio.com/traniopedia/glossary/due_diligence.en/ Currently renovating, and our main lounge is 5m x 10m, with a cathedral roof peaking at 6.5m high. Currently have tiles on concrete slab. Room is very hard to heat. I am… 0 4815 Unless there is something in special conditions the builder does not have to give you timeline. If your demolition contractor has not removed Asbestos and it was found… 12 28800 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6442 |