There are 3 important facts to consider for anyone looking to purchase a home:
1. In the majority of cases, the Real Estate Agent works for the seller, not the buyer. Agents get paid a commission, so they will generally only get paid if they end up selling the property.
2. Individual building inspectors and inspection companies that declare their income to be less than $300,000 per year don’t need to meet the Building Services Authority (BSA)’s Financial Licensing Requirements. These inspectors can also apply for exemption from having Professional Indemnity Insurance on the grounds of financial hardship. This can seriously impact you as the client, and could end up costing you tens of thousands of dollars if the inspector missed a serious issue or defect during the inspection.
These same companies spend thousands on marketing and promoting themselves, but will not spend on Professional Indemnity Insurance (Your Protection). If you are ringing around for a quote please ask any potential inspectors if they are insured, and don’t be shy to request a copy of their certificate of currency. By law, inspection companies and inspectors must inform all clients in writing if they do not hold Professional Indemnity Insurance, prior to carrying out any inspection. However this can sometimes be buried in tiny obscure print at the bottom of an email or in the terms and conditions.
3. Understand when engaging a property inspection company that their reports are not a guarantee or a warranty for the property. The inspection is an appraisal of the property’s condition on the day that the inspection was carried out. At Quality Building Reports we stand by our reports and our inspectors. We hold Professional Indemnity Insurance for your protection.
When buying a property it is important to get professional and independent advice so make sure to choose your advisors, inspectors and contractors wisely. To arrange a property inspection, call QBR on 1800 762 413 or simply book online.