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Inspections
A quick check will not be enough
A
brief superficial inspection of the property
will not be enough to discover serious
structural problems. When these problems
are found after the property has been bought or
rented, investors will have to dig deep into their
budget to cover the costs of repairs. These problems
are an unexpected expense.
A thorough check is necessary. A property
inspector is contacted after the purchase agreement
has been signed by both the buyer and seller, or the
lease agreement has been signed by both the tenant
and landlord.
Buyers and tenants must ensure that there is an
inspection clause in the contract. This makes the
property only legally ‘sellable’ or ‘rentable’ once the
defects have been found.
Patent defects are those that are clearly visible
to anyone inspecting the property, such as cracked
walls. These defects must be stated in the purchase
agreement, as well as who will be responsible for
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Residential Handbook 2015
fixing or replacing them. Latent defects, meanwhile,
are not visible during an inspection, but will
substantially affect the use of the property. For
example, a faulty geyser or a leaking roof.
“Beware of defects
such as a leaking
roof, a faulty geyser
or plumbing
and electrical
systems.”
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