Hi there, Simon Bennett from OMB Solicitors. So you’re looking to buy a property through a standard REIQ house and land or unit contract.
One of the interesting clauses that many buyers don’t know about is that the property you’re signing up to buy is at your risk from 5:00 PM on the first business day after you sign the contract of sale.
So my advice to you is that you immediately get insurance on that property once you sign a contract of sale. As always, we at the OMB property law team are here to help you with any queries you may have.