Termite infestation can cause the property selling contract to get terminated. This is a serious problem if you are dealing in real estate, and have a property which has not been inspected for termites yet. The article shared by realtor Lauren Bunting on oceancitytoday.net on 23rd June’16 is an eye-opener for both sellers and buyers of old properties. The article states that if the property is found to be termite infested currently or has damages from old infestations, then the seller will have to bear the cost of the repairs. This cost will be a maximum of up to 2% of the property’s purchase price. Anything more than that will be borne by the buyer. That is why sellers in Sydney are getting a property termite inspection in Sydney prior to making any real estate deal.
The chief disadvantages of the rule
No buyer would want or like to spend on repairs of damages, where the damages never occurred due to their mistake. If it’s for a current termite infestation, then also it is the responsibility of the seller, and if it’s because of an old infestation, then also it’s the same. The seller is accountable and responsible for all termite rots and damages. That is why the buyers would not like to spend the amount which exceeds 2% of the property cost, unless they are desperate about buying the property. However, in most cases, all buyers would get annoyed, and would like to step out of the contract if they discover the following after a termite inspection in Sydney:
· There is termite infestation in the property
· They come to realize that the cost of repairs will exceed 2% of the property purchase cost, making them invest whatever is required over the 2% cost.
If the buyer does not agree to pay for the repair cost, then the buyer may end the contract from their end, and the real estate deal will get terminated. Hence, in order to prevent the seller from facing such a situation, there are some smart steps which the seller can take and then materialize a real estate deal smoothly.
What sellers can do to avoid termination of a contract
Sellers can do a lot so that the property sales contract does not get terminated from the buyer’s end. A proper, timely inspection of the property has to be done for termite infestation and old damages. If damages and infestation are detected, then before a sales contract is entered, the property has to be cleaned off infestations, and damages need to be repaired. For this, a good pest control company specialized in repairs and termite inspection in Sydney would be needed.
If you can get the damages repaired well within time, then you would be able to get the price of the property hiked too for totally termite free furniture and belongings. Your buyers would also feel good, safe and comfortable with the deal, when they also get a termite free report from their property inspector as they get it inspected at their end. Even the seller would be confident while showing the property.