09/01/2017
With the festive season behind us, many people are looking to move to a new property in the new year. There are several things you should do when purchasing a property:
It is your responsibility to make arrangements for connection of the power, gas and telephone service to the property. We cannot attend to those matters for you as they are 'occupier' agreements. We will however, notify the Local Authority, Water Corporation or alternative water supply authority (if applicable) of the change of ownership for the water meter to be read as close as possible to settlement date. With a small number of multistory Strata Units electricity and gas may be read and adjusted by the Strata Company but this will be clear on their response to our inquiry.
As far as insurance is concerned, the property is generally at your risk from the date of settlement OR possession date, i.e. the date from which you occupy the property, whichever is the earlier. With the exception of common insurance on strata title properties we cannot make insurance arrangements for you. Please arrange insurance for the building and your contents prior to settlement or possession date whichever comes first.
A majority of lenders will require to see, prior to settlement being arranged, adequate insurance cover in the form of the "Certificate of Currency". Please refer to your loan documents, which will normally outline insurance requirements. It is not a requirement to show your contents on this insurance, but the building must be adequately covered.