The property is usually at a risk of the Buyer from 5:00 pm on the Business Day after the date of the Contract. We strongly recommend that Buyers take out insurance cover to protect the property immediately after the Contract has been signed by both parties.
We also recommend that, even thought the risk is with the Buyer, that any Seller maintain their insurance on the property until the date of settlement.
If you are obtaining Finance, your bank will need to be noted on the Policy as First Mortgagee.
The Seller has a continuing obligation until settlement to take reasonable care of the property until the date of settlement.