Here in QLD we differ to other states. The purchaser is responsible for insuring the property by 5pm the next business day after both seller, and purchaser have signed the contract. Whatever the circumstance for example: buying an investment property, first home or simply an upgrade.
If you are purchasing land to build a house, you “the purchaser” should take out public liability on the land pending the build of your home.
If you are the “seller” or “vendor”, it is still recommended maintaining your insurance on the property until settlement occurs, just in case the “purchaser” or “buyer” hasn’t taken out insurance leaving the property uninsured.
Just remember, it is best to seek advice from your solicitor to confirm the requirements as circumstances may differ from contract to contract.
There are lots of insurance companies that can help you with this 24/7.
For further information, and to put yourself in the best position with valuable information and guidance, contact a trusted consultant from Mortgage Choice on 07 3286 7711.