Rainy days can be a great opportunity to inspect property and check for any water-related issues, writes REIQ Townsville Zone Chairman Wayne Nicholson.
ALTHOUGH it has been a bit hit and miss over the last few years (more miss than hit) we traditionally enjoy a wet season early in the year. Our monsoon season can bring oceans of rain and cyclones that hover up and down the east coast. Some cyclones cross land and wreak havoc others just tease the coast and provide some good rain.
I remember clearly one year we received a metre of rain per month in January, February, and March. Bunnings had a special on Ark kits as it rained continuously for more than 40 days and 40 nights.
We desperately need the liquid sunshine in the north and I have to say many prudent buyers take full advantage of the season to check out the lie of the land after heavy rain.
It’s a good time to see where water lies in yards, streets and parks and if, in fact, they might even flood. Roof leaks are also exposed when we have continuous heavy rain where you might otherwise not get to know about.
Some of our open homes are well attended during our wet season for that very reason. Another lesser known fact about buying property during cyclone season is that once a cyclone is named it can be difficult to get insurance until the threat has passed. As you are required to insure the property the day the contract is signed by both buyer and seller, see clause 8.1 of the REIQ Contract Of Sale, it is worth talking to your friendly insurance company to explain what I have just mentioned.
The seller of the property should be and probably is insured and so maybe you should talk to your solicitor and or REIQ agent to amend the insurance clause in the standard terms and conditions if both parties are agreeable, to read: “The property is at the seller’s risk from 5pm on the first business day after the contract date”.
In 38 years of selling real estate I have never had an adverse reaction or problem concerning Clause 8.1 but it is there for a reason and it should be dealt with at the point of signing the contract of sale.
My advice is you should always engage a solicitor to act for you when buying or selling your property and they will certainly give you the correct legal advice in all matters pertaining to the sale.