Conveyancing Resource Centre
When should I take our insurance over the property?
In most contracts, the property is at the buyer's risk when they either sign the contract or from 5:00 pm on the first business day after the contract date.
Under the standard REIQ contract, the property is at the buyer's risk from 5:00 pm on the first business day after the Contract Date.
It is imperative and good practice to ensure that you obtain and maintain insurance over the property preferably on and from the Contract Date in case it is damaged.
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