3. Not taking out insurance on the property once the contract is signed.
All buyers need to ensure that they have an insurance policy which protects their interest in the purchased property from the day the purchase contract is signed.
We have heared many horror stories of buyers being forced to settle on the purchase of a property which had burned down during the settlement period.
There is a risk that the seller’s insurance cover expires before the buyer takes out a policy and the property remains uninsured.
