The Importance of Inspections and Disclosure in Real Estate Law

Whether you are buying or selling real estate, it is critical that you have the property inspected and that you disclose any issues that are required by law to disclose. For example, you may be legally required to disclose lead, asbestos or other toxins in the home. Failure to do these things can result in fines or other issues. However, it isn't always easy for real estate buyers and sellers to know what they need to do. Hi, my name is Mary. I have been investing in real estate since the week after I left uni. I love it, and I have learned a lot along the way. I want to help and inform others so I decided to make this blog. I hope you find it useful.

Property Management Inspection Methods

Real Estate Blog

When you hire a service for body corporate management, you are paying for a service that will essentially be your eyes and ears on your propert. This is why it is extremely important for them to create and stick to a strict schedule for regular inspections of your properties. There are many property owners who do not fully understand the amount of damage that can be caused by one bad tenant. There is the natural tendency for home owners to assume if the rent is being paid and there are no incoming complaints, all is well. 

The fact is, these assumptions can wind up in huge amounts of damage, which with regular inspections could have been avoided. Any time you are seeking services of a property management company, ask the following questions to ensure that they will provide proper inspections for your properties on a regular basis.

  • What type of inspections will be completed? Ideally, the inspections should be on a regular basis and document the event with digital photos. The report should also carry the signature of the tenant, as well as the property manager. Inspections should include looking at the interior and exterior of a home; inspecting issues with appliances, the plumbing and electric systems and noting any changes in the property.
  • How often are inspections done and are tenants notified beforehand? The inspector should have a checklist of items that they check each time they visit. You should not accept terms that management companies will only provide inspections in between tenants.
  • How will you be informed of the inspection results? You may want to consider asking for a sample report of the inspection that you will receive.
  • Is the cost of the inspection extra, or included in the basic service package? As a property owner, there is no question that costs can be high. Finding a management service that will include the inspection cost with other services, will minimize additional charges.

Most property body corporate management services have a process in place that provides for quality inspections. However, asking these questions will ensure that your property is well looked after in your absence and you are being supplied with all of the services that were outlined in the contract. After all, if you don't ask about this, there will be no way to know for sure that all of your properties are being cared for properly and inspected regularly.

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4 January 2016