VENDORS will need to pay for their own building and pest inspections before putting a property on the market under changes proposed by the State Government. At present the onus of checking out a home’s credentials falls to the potential buyer and those bidding at auctions could pay $500 for the inspections but still miss out when the property went under the hammer. This figure could be multiplied several times during house hunting by potential buyers. Lands Minister Tony Kelly has opened submissions allowing the public to comment on the proposals before September 1. “Building and pest inspection reports cost around $500 and in auction situations with only one successful bidder for example, it means other parties have virtually wasted their money,” Mr Kelly said. “The financial burden is multiplied for potential purchasers where several reports have been commissioned on different properties during the house-hunting experience. “If the reports are available with the contract then potential purchasers have access to at least one set of pre-purchase inspection reports available on the property.” Kiama State Labor MP Matt Brown will head the review – which is expected to be finalised in November – and report back to the government. “The review will … [...]