All Topics / The Treasure Chest / Fire!

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  • Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    September 10, 2003 - 10:07 pm

    Hi All, quick qu.

    If there were a fire in a property I’ve just made an offer on, signed and accepted, where the Settlement hasn’t gone through yet and finance has just been approved I don’t think I’m liable for anything am I?

    It goes without saying MAKE SURE YOU ALL HAVE INSURANCE!!!

    Profile photo of slatzagainslatzagain
    Member
    @slatzagain
    Join Date: 2003
    Post Count: 43
    September 10, 2003 - 10:13 pm

    I’m no expert, but as far as I am aware the buyer becomes liable for the property as soon as the offer is accepted, i.e. prior to settlement. That is what we were told, and we had to organise insurance straight away. Perhaps the rules vary in different states?

    Hope it works out for you.

    cheers,
    Darren.

    Profile photo of stargazerstargazer
    Participant
    @stargazer
    Join Date: 2002
    Post Count: 344
    September 11, 2003 - 6:34 am

    hi all

    my understanding is as soon as the cooling off period is finshed then the purchaser is reponsible for the insurance.

    just take out a cover note or some agents even give you the insurance until settlement day.

    regards
    alf

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