Do you have enough Insurance?
Once you have bought a property, the first thing you need to do is protect it and the treasured possessions inside it.
Home and contents insurance is a must these days to safeguard you from unforseen things such as fire, theft or weather events.
Slater and Gordon Queensland Conveyancing Lawyer, Robert Kern said new homeowners should make sure they have properly insured the property from the moment they sign the contract – and many home lenders will not approve a loan without insurance in place.
He said the standard Queensland contract stated the property was ‘at the Buyer’s risk’ from 5.00pm on the first business day after the contract date.
“This means that from that date, if the property is damaged in a natural disaster or burns down, that is the Buyer’s problem,” he said. “Therefore, you still have to buy the home, even though there is nothing there left to buy. And if the bank refuses to lend the money, you are potentially stuck in a contract you cannot complete.”
Always contact your preferred insurance broker to discuss your requirements when purchasing a property.
Source: APN Newsdesk