Can a Buyer rely on the Seller’s insurance policy cover even though the property is at the Buyer’s risk?
It is important that a Buyer obtains their own insurance for a property on the first business date after the Contract date as the property is at their risk pursuant to the terms of the Contract.
While it is often the case that a Seller will maintain their policy of insurance cover over the property until settlement (and we always recommend that they do) it may be the case that the Buyer may not be able to claim the benefit of the Seller’s insurance policy in the event that something happens.
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Buyers Rights to Access Property being Purchased
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To learn more about Buyers Risk, contact Ownit Conveyancing on 1300 553 750.