Did you know when buying a property in Queensland the risk of the property passes to the Buyers from 5pm the next business day from the date of the Contract?
This is really important for people not only in Queensland to know but also interstate Buyers.
You must immediately contact your insurance company and arrange a cover note for the property and contents you are buying, and it must be for full replacement value.
You could request the Agent you are dealing with to include the following condition in your Contract:
“Notwithstanding the standard provisions herein, the Seller and Buyer hereby agree that the property shall be at the Seller’s risk up to and until settlement date of the Contract”
There is a huge element of risk if you don’t take out the appropriate insurance.
If you are obtaining finance it will be a condition and your obligation to your Bank to continue to have the property insured and your Bank interest noted on the insurance policy.