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Insurance risk

Once the contract is signed by both parties, a purchaser assumes the risk for any damage to the property and must take out insurance against damage to the house or buildings on the land, or even destruction. A cover note can be obtained to put insurance in place immediately. The vendor is required to take reasonable care of the property and keep it in the state it was in at the time of sale.

Insurance risk  :  Last Revised: Wed Jun 18th 2014
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