Under the standard Contract for the Sale of Land, the Purchaser takes the property as it is. For example, the Purchaser normally has little claim regarding quality issues, such as a ceiling fan that is not in working order or the condition of the property generally. That is why a prudent purchaser will make a number of pre- purchase enquiries such as obtaining pest and building reports, survey etc.
However, statutory requirements do obligate the Vendor to promise to the Purchaser that unless specifically disclosed otherwise in the Contract;
1. The land is not subject to any adverse affectation from a government department,
2. The property does not contain any part of a sewer to a recognized sewerage authority,
3. The Zoning Certificate reflects the true status of the land,
4. There is no matter that would justify Council making an upgrade or demolition order on any dwelling on the property.
Although the Vendor has strict obligations of disclosure, you still need to investigate the property by having a Pest and Building Inspection and possibly a Survey completed before you sign on the dotted line. In this respect, it is still ‘buyer beware’.
The Vendor cannot contract out of their obligations. However, if the matter is expressly disclosed in the Contract, you can be precluded from making any claim. If the Vendor has breached a statutory requirement, you will normally have the right to rescind the Contract, but you cannot require the Vendor to rectify the breach.
Talk to your solicitor about your rights and obligations to disclosure when buying and selling property.
Our Conveyancing Solicitors have been acting for the Bathurst community in conveyancing transactions for over 40 years and have an intimate knowledge of all the little traps that less experienced solicitors or conveyances may miss.
Call us for a quote or to discus your next purchase or sale. We are happy to help.