Contract of Sale and Building Insurance.....

November 03, 2013
Nandini Varma

If you are buying a property with a dwelling, it is highly advisable to take out building insurance on the dwelling just before the contract of sale goes unconditional i.e., the purchase of the property is not subject to any further conditions (like subject to finance approval or satisfactory building inspection etc), even if settlement may be weeks away.

An unconditional contract makes the purchaser liable for the property though they don't own it yet !

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