If a property has been damaged between the signing of a Contract of Sale and the settlement date, there are a number of factors, including the type and cause of the damage, which could affect the outcome of the property sale. Whether you are selling or purchasing the property, obtaining or maintaining insurance on the property and its building/s is a must.
So what happens if a major storm hits, causing severe damage to the roof and water damage throughout the home? Can a purchaser end the Contract considering the seller must deliver the property to them in the same condition it was at the day of sale under its obligations in the Contract? Does the seller have obligations to repair the home prior to settlement even though the purchaser cannot delay settlement because one of the goods is not in the condition it was at the day of sale?
Keep in mind that all Contracts of Sale are different. Having our firm read the Contract and provide you with advice is important. If you are considering buying or selling, please contact our office on (03) 9707 1155 or firstname.lastname@example.org.