Wednesday, 15 September 2010 09:46
The New South Wales Government, which will hold a forum today at Parliament House to discuss compulsory inspections for all properties being sold, should require all people providing advice on the condition of properties to be appropriately qualified and registered by the Office of Fair Trading.
Mark Stewart, Chief Executive of Archicentre, the building advisory service of the Australian Institute of Architects said, "currently New South Wales home buyers have virtually no protection against unqualified house inspectors who are giving advice to people about to invest their life savings and commit to a mortgage of hundreds of thousands of dollars.
"By registering house inspectors with the Office of Fair Trading a regime to ensure appropriate qualifications, Professional Indemnity Insurance and enforcement could be put in place."
Archicentre has made a submission to the New South Wales Government calling for a minimum $10 million professional indemnity insurance policy to be compulsory for all property inspectors in order to provide consumers protection against losses caused by a faulty inspection.
"It is important that all sides of politics support the regulation of the property inspection industry to protect consumers, who could face tens of thousands of dollars in unbudgeted costs through hidden housing faults. Archicentre's inspection data shows that at least 30% of properties offered for sale in New South Wales have some major faults that may be hidden from the purchaser."
Mr Stewart said the New South Wales Government should provide the legislation to define the scope of the property inspections, the qualifications of the inspectors and the recourse available to a buyer in the event of an error or omission that are regulated and enforceable.
"Any person commissioned to undertake Property or Pest Inspections should be required to be registered annually with the New South Wales Office of Fair Trading. People registered to undertake Property or Pest Inspections should be required to have minimum qualifications in an appropriate discipline.
Archicentre uses only specially trained architects and Pest Inspectors in providing its services and has advised that the minimum requirements for a Property Inspector should be:
Click here to download the full Archicentre Submission on Proposed Vendor Disclosure for Residential Property Sales in NSW.
Ron Smith, Corporate Media Communications, Archicentre - Mobile: 0417 329 201