What is Pre-Settlement Inspections?

Pre-settlement inspections are checks done on a property before the final purchase or rental agreement is made. This is to make sure everything is in good condition and matches what was agreed upon.

For example, if you’re buying a house, you might do a pre-settlement inspection to see if all the appliances work, if there are any damages, or if any repairs need to be made before you finalize the deal.

Similarly, if you’re renting an apartment, you might do a pre-settlement inspection to ensure that everything is clean, there are no damages, and all the fixtures and appliances are in working order before you move in.

Pre-settlement inspections are important because, unless the contract specifies otherwise, properties are generally sold in essentially the same condition as when first inspected. So, it’s crucial to thoroughly check the property before finalizing the settlement.

After inspecting the property, if you wish to request changes or ensure certain items are included in the sale, you should add specific terms or conditions to the contract. These terms must be agreed upon by the seller. The inspection checklist contains the types of features to consider and the questions to ask during the inspection. This helps ensure that all parties are clear on what is expected before completing the sale or rental agreement.

Overall, pre-settlement inspections help both buyers and renters make sure they’re getting what they expect and avoid any surprises later on.

KA-CHENG Property Group
Morley Real Estate Agency