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When purchasing a property, it is important for Buyers to understand their responsibilities and risks concerning insurance coverage. This overview highlights the key considerations for ensuring proper insurance is in place from the moment a contract is signed until settlement. Additionally, it outlines the insurance obligations for different types of properties, including strata and low-rise developments, to help Buyers navigate their responsibilities effectively.

When purchasing a property, it is important for Buyers to understand their responsibilities and risks concerning insurance coverage. This overview highlights the key considerations for ensuring proper insurance is in place from the moment a contract is signed until settlement. Additionally, it outlines the insurance obligations for different types of properties, including strata and low-rise developments, to help Buyers navigate their responsibilities effectively.

When purchasing a property, it is important for Purchasers to understand the parties’ responsibilities and risks concerning the property.

When does the risk transfer to the buyer?

The property is at the buyer’s risk from 5pm on the first business day after the contract date. However, you should maintain your insurance until settlement is confirmed to protect against potential losses.