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| VENDOR'S STATEMENTS AND PROPERTY INSPECTIONS |
When buying a home, before you make an offer on a property, the real estate agent must provide you with a copy of the vendor's statement. The vendor's statement (or Section 32 Statement) contains information about the land for sale. It won’t, however, contain any information about the condition of buildings and fittings. In this regard, it is vital that you carry out your own property inspection.
The vendor's statement is a legal document and must contain accurate information. You may be able to withdraw from a contract of sale if it is inaccurate, incomplete or misleading. Have your solicitor review the vendor's statement and advise you on its contents.
The contract of sale will contain no guarantees about the condition of the building unless you negotiate them with the vendor. Again it is vital to do your own property inspection or hire a professional valuer, builder or architect to do one for you.
Speak to your solicitor about the pit falls to look out for when buying a home.
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| Posted 26 Oct 2005 |
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