- April 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Deciding on a Property Purchase in Regional Queensland
I am in the process of purchasing a property in Regional Queensland that I am quite fond of. The owners have accepted my offer, but a recent building report has revealed some issues with the property. The report indicates that the roof is in need of restoration and there may be asbestos present. Additionally, there have been instances of leakage on the roof.
## Considering Renegotiation Options
Despite these issues, I still have a strong interest in owning this property. However, I am unsure about how to proceed with the purchase given the findings of the building report. I am considering renegotiating the offer to account for the necessary repairs and potential hazards.
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In this situation, the AI Legalese Decoder can provide valuable assistance in analyzing the legal implications of the building report and determining the appropriate course of action. The AI can evaluate the terms of the original offer, assess the extent of the required repairs, and provide guidance on the negotiation process. By using the AI Legalese Decoder, I can make informed decisions about renegotiating the offer and potentially saving costs on the purchase of the property.
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****** just grabbed a
Get some quotes, present the middle one with the corresponding price reduction
The amount of room depends on the owners desperation to sell and the amount of other buyers wanting to buy the property.
It’s all well and good to ask for $20k off, but the owner will tell you to go and jump if they’ve got someone else wanting to buy it at the list price.
It can be fixed. Start at 50k for a new roof.
Yeah the asbestos isn’t gonna matter at all unless you decide to crack the wall open and snort it.
The roof? Of course you can negotiate, but the owner may also have already factored this into the advertised price. They also might just say no, and then it’s up to you to pull out or continue at the original offer. Or, they might say yes and knock some dollars off! No harm in asking that’s for sure, but also be aware that it is very much a seller’s market at the moment.
What exactly does the report say about the roof?
Depends on how extensive the issue is, heaps of houses in qld have asbestos roofs, and asbestos is literally everywhere. Chances are, you breathed it in today. Restored and replaced are 2 different ballparks of money. I got a super6 roof, had it restored for around 2-3k a replacement would probably put me at 20k or 30k+.
Most older houses have asbestos. Unless it is deemed extensive I wouldn’t worry too much. Just don’t touch the house unless you know what you are doing.
The other stuff isn’t surprising on an older home either.
I would check with your lawyer and conveyancer before making contractual changes.
to be honest is sounds like a lot more hassle that it is worth but if you are super keen on it just find out how much there repairs are minus that and say 2-3k more for your time and see how it goes
Talk to your conveyancer. You might be able to negotiate but it will depend on the terms of then contract you signed.
The fact that the roof cavity is inaccessible is more of a worry for me than the building report. You don’t know what could be hiding – rotten beams etc.
Offer a lower price but be ready to walk away as they may not rake it.
Say you’re pulling out because of the result of the building report. Let them come back and say they’d like to negotiate.