Pro­tect­ing your home be­fore set­tle­ment

Whitsunday Times - - DOMAIN -

Ev­ery­one knows that in­sur­ance can safe­guard you against un­fore­seen events. This is es­pe­cially true for buy­ers who have yet to set­tle on their new home or in­vest­ment prop­erty.

While set­tle­ment date may be weeks away, buy­ers need to have their soon-tobe new prop­erty in­sured in the lead up to set­tle­ment.

Real Es­tate In­sti­tute of Queens­land (REIQ) man­ag­ing di­rec­tor Dan Mol­loy said a prop­erty is at the buyer’s risk from 5pm on the first busi­ness day af­ter the con­tract date.

“As is stated in sec­tion 8.1 of the REIQ’s res­i­den­tial house and unit sale con­tracts – which are ap­proved by the Queens­land Law So­ci­ety – buy­ers need to be aware that in­sur­ance should be or­gan­ised for their new prop­erty,” Mr Mol­loy said.

“The prop­erty is legally the buyer’s re­spon­si­bil­ity from 5pm on the first busi­ness day af­ter the con­tract date so it is vi­tally im­por­tant that ap­pro­pri­ate in­sur­ance is or­gan­ised prior to this time.” Most in­sur­ers pro­vide this type of in­sur­ance for home buy­ers which can be or­gan­ised very eas­ily over the phone.

“From the myr­iad of steps in the buy­ing process, buy­ers’ in­sur­ance is one of the most im­por­tant as it pro­vides pro­tec­tion prior to set­tle­ment. It also pro­vides peace of mind so buy­ers can con­cen­trate on, and look for­ward to, shift­ing into their new home,” Mr Mol­loy said.

When buy­ing, sell­ing, rent­ing or in­vest­ing in res­i­den­tial and com­mer­cial real es­tate, look for the REIQ ac­cred­ited agency logo show­ing the cur­rent year as a sign of an agency ded­i­cated to the high­est stan­dards of busi­ness prac­tice.

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