Vendors, rather than homebuyers, will soon be forced to pay for building and pest inspections.
In a bid to streamline property buying, the NSW premier Kristina Keneally has given the new vendor legislation her seal of approval.
Under the proposed legislation, which has been widely supported by various real estate groups, vendors would conduct the pest inspections on their properties, saving those that miss out at auction thousands of dollars in inspection costs.
“We are hoping to streamline property buying I would hope by early this year,” Labor MP Matt Brown told The Daily Telegraph.
“Purchasers need to know as much as they can about what they are buying.”
According to Mr Brown, there is increasing number of property auctions across Australia.
“More and more agents are encouraging people to go to auction and that creates a sense of urgency. People want to bid but have no time to get a building and pest inspection done. Once the hammer falls the buyers gets the property warts and all,” he said.