While a purchaser cannot refuse to settle, if at the time the pre-settlement inspection is completed the purchaser finds damage has been caused since the purchaser last viewed the property, chattels are not in working order or there is rubbish remaining at the property, the purchaser can expect the vendor to complete any remedial work and remove the rubbish prior to settlement.
The purchaser may request that funds be retained until the remedial work has been completed to the purchaser's satisfaction. If the vendor does not agree to the retention of funds, the purchaser's remedy is to look at filing a claim in the Disputes Tribunal of New Zealand to recover the remedial costs incurred by the purchaser.
By Jenny Schischka | Registered Legal Executive.
The information contained in this article is provided for informational purposes only and should not be construed as legal advice on any subject matter.
