Insurance
The Property will normally remain at the risk of the Vendor until settlement, however there have been circumstances we are personally aware of, where substantial damage was caused to a property by fire prior to settlement, and the Vendors insurance did not cover the damage.
It is advised to obtain House Insurance upon signing a Contract of Sale as at this time you have an equitable interest in the Property.
It is also likely
that if you are obtaining finance from a lending institution, the lender will
require you to produce a fully paid up Insurance Policy or Certificate of
Currency for at least a six month period showing a minimum replacement value and
the lenders name on the policy as mortgagee. It is usual for a lender to refuse
to attend settlement until they have sighted such document.
Disclaimer: The information provided on the GM Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the GM Conveyancing web site to your particular circumstances. It is recommended that anyone reading this information should seek legal advice from a solicitor.