What should a purchaser do about Insurance?
As from the signing of the Contract a purchaser has an insurable interest in the property and should arrange for immediate cover on all improvements once the Contract becomes unconditional. Whilst the Vendor has a legal obligation to have the property insured at the time of the Sale, the property remains at the risk of the Vendor until final settlement is effected. Purchasers should note that if a lender is involved that the lender will require a Certificate of Currency of Insurance noting the lenders interests thereon before they will advance monies for settlement.
