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witnessant 发表于 2016-5-11 16:33 
What makes you such an expert then? I was only speaking from personal experience, which is what pe ...
Ok, a few more points to add after doing some research.
1. Insurance
While it’s the vendor’s responsibility to hand over the property on settlement in the same condition as at the time of exchange, if there’s no insurance policy in place, the question of where the money comes from may be an issue.
With a house, you have an insurable interest from the moment that you exchange contracts. (from http://www.yourmortgage.com.au/a ... gal-maze-79401.aspx)
So this should mean where vendor does not have/cancelled their policy, as purchaser, you could in theory make a claim.
BUT
2. Insurance is just that, not an immediately available replacement house.
Even being fully insured doesn't guarantee the home will ever be rebuilt. Nor does it guarantee that the insured party will be fully recompensed for their losses. Especially ownership/equitable interest is being disputed.
3. Option to rescind
SALE OF LAND ACT 1962 - SECT 34
Power of purchaser to rescind contract where house destroyed
S. 34(1) amended by Nos 35/1996 s. 453(Sch. 1 item 73.11), 75/2006 s. 192(Sch. 2 item 5.9) (as amended by No. 17/2007 s. 32(3)).
(1) Where a contract for the sale of land upon which there is a dwelling-house has been entered into, and where the dwelling-house is so destroyed or damaged as to be unfit for occupation as a dwelling-house, before the purchaser becomes entitled to possession or to the receipt of rents and profits he may, at his option, rescind the contract by notice in writing given to the vendor or his legal practitioner or conveyancer within fourteen days after the purchaser becomes aware of the destruction of or damage to the dwelling-house.
(2) Upon rescission of a contract for the sale of land pursuant to this section—
(a) any moneys paid by the purchaser shall be refunded to him;
(b) any documents of title or transfer shall be returned to the vendor; and
(c) the provisions of section 35 shall not apply and the vendor and any other person entitled to benefit from any insurance policy shall be entitled to do so to the same extent as they would have been if the land had not been subject to the contract.
(3) Any provision in any contract for the sale of land or other document whereby any provision of this section is excluded, modified or rescinded shall be void and of no effect.
In summary, if you have reason to suspect that vendor does not have building insurance or cancelled it before settlement, buy your own insurance policy.
If you take possession of the property before settlement, buy your own insurance policy.
On the other hand, if you've bought an apartment/unit/townhouse and has combined building & strata insurance (proved by certificate of currency), you don't need to purchase your own.
Or where you are not worried about any natural disasters or incidents or the vendor does have a policy in place, or if you only bought the property for the land, then don't both with building insurance.
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笨鸟的中式小点心--腊萝卜糕和芋头糕 (2009-4-22) 迁移的笨鸟 
小E ---- 更新完了 (2008-12-8) 第一名 
发表于 2016-5-10 17:50
