Our hearts go out to anyone in Southeast Queensland who has been affected by the recent floods.
Weather events cause a great deal of stress to all property owners especially those bound by contractual obligations. It is often unclear when something goes wrong which party is responsible for the property at that time, when settlement is yet to take place.
The property is at the buyer’s risk one (1) business day following the contract being signed. This means that the buyer accepts liability for any damage or loss caused to the property during the contract period.
Any damage suffered to the property (unless specific and on purpose) is the buyer’s responsibility to repair because the property is at their risk.
To prevent the buyer from having to pay out of pocket expenses to repair the damage, it is advised that the buyer obtain insurance on the property immediately following the contract being signed to ensure that they are covered for any damage or loss.
When purchasing a property in Queensland, it is important to ensure that the insurance taken out also covers flood and water damage.
Stay safe Queensland, our thoughts are with all of those affected!
We want to help, get in contact if you need advice.
Seamless & stress free conveyancing
Seamless & stress free conveyancing!
