Buying a property in Queensland is a significant investment, so securing insurance after signing a contract is crucial.
Here are the key reasons why you should prioritize insurance during this period:
From 5:00 pm on the first business day after all parties sign a contract for residential or commercial property, the risk typically transfers from the seller to the buyer.
Without insurance, you could face significant financial loss if something unforeseen happens causing loss or damage to the property, like fire or flood.
Insurance provides peace of mind, allowing you to focus on your move without worrying about potential disasters that could affect your new property.
If you’re obtaining finance for the purchase, your lender will likely require insurance evidence before settlement. Getting insured early ensures you meet these requirements and avoid delays.
Property is a substantial investment, and insurance helps safeguard that investment against potential losses.
In summary, securing insurance after signing a contract is essential for protecting your investment, complying with lender requirements, and ensuring your peace of mind.
Do not hesitate to contact Richard Holt or Carley Ronan if have any questions or need assistance with your purchase.
Disclaimer: This advice is general in nature and is not intended to be legal advice. If you would like legal advice, please call our office on (07) 5619 0440 and we would be pleased to assist you.
The team at Holt Ronan Lawyers have managed multiple property settlements for us and have been wonderful to deal with. Trish was wonderful at explaining things to us, incredibly prompt with her responses and made sure we were informed at every step. I would strongly recommend Trish and Holt Ronan Lawyers to help with your conveyancing.
Elyse May
Jan 2024
Excellent lawyers! They assisted us recently with our new business lease, going through every dot point and ensuring that I understood what everything meant, as well as fighting for us in negotiations. They would not allow me to sign off on anything until they were absolutely satisfied. I very much recommend them and would use them again in the future.
Jess Bunty
Gold Coast Art School
Feb 2024
Richard and the team were on the ball and great to deal with in a recent property transaction. Very knowledgeable in their area of expertise and reached out to us for the accounting perspective to ensure both legal and accounting were handled simultaneously.
Adrian De Vito
Aug 2023