07 Feb 28 MARCH 2011 – HOME INSURANCE
Q.Once a Contract is signed by all parties is the property at the Buyers or Selers risk through to the settlement date?
A. The property is at the Buyers risk from 5pm on the first business day after the Contract date. This gives the Buyer sufficient time to arrange insurance over the property. The property remains at the Sellers risk until that time.
TIP: We recommend the Seller retains its home insurance cover over the property through to settlement as a means of trying to avoid disputes should the Seller be responsible for any damage to the property at any time prior to settlement or in the case that the Buyer in fact fails to take out any property cover.