Should you get insurance cover when entering into a property contract in Queensland?
Many people are unaware that when they enter into a residential property contract in Queensland, the property is legally the Buyer’s responsiblity from 5.00pm on the first business day after the Contract date. In other words it is vitally important that appropriate insurance is organised prior to this time. This safeguards the Buyer of any damage to the property before the Contract becomes unconditional and up until the settlement date. Most insurers provide this type of insurance for home buyers which can be organised very easily over the phone. It is also equally as important for the Seller to retain their property insurance until the settlement date.