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TESTIMONIALS:
Garth Brown Endorsement
Hi
Garth - smooth and professional, and with one piece of advice alone,
you have saved us your fee. Can’t ask more than that.
Thank you again, cheers,
Paul
.
. . . . . . . . . . . .
Hi
Garth,
Just to let you know that we received our deposit back from the real
estate agent's office last week. Thank you for the service you provided
throughout the whole process (especially in helping to get the deposit
back a sap) - it was great, and really appreciated. We thank you again
and wish your business well.
Kind regards,
Lydia and Stephen - Artarmon
. . . . . . . . . . . .
Hi
Garth,
You are a champion!
Many thanks- I know it wasn't easy!
I'll be in touch on Monday.
Thanks again,
Bruce
Dr Bruce Schaefer
GEMOC, Earth and Planetary Sciences
Macquarie University
.
. . . . . . . . . . . .
Last month Garth was a Guest Speaker at National Australia
Bank discussing Conveyancing; buying and selling tips to
Home loan Brokers at North Sydney and Bondi Junction; Engagement pending
with Marrickville National Australia Bank as a Guest Speaker on Conveyancing.
He also met up with Vision Home loans where they started
working with and arranging a Guest speaker engagement.
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Brown
& Brown e-Newsletter
by
Garth Brown
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"Why
the need for House Insurance after signing a Contract for a Purchaser?"
AT SETTLEMENT:
The Contract stipulates at Settlement the Vendor must deliver the
home in its condition as at the date of when Contracts were signed
and dated and the Deposit was paid.
VENDOR:
The Vendor is required under the Contract to carry House Insurance
until settlement, e.g. specifically in case of Fire.
QUESTION:
But what if the House burns down between signing the Contract and
Completion - and the House Insurance coverage does not cover the rebuilding
work or there is no insurance what so ever to buy another property?
PURCHASER:
To cover this possible problem, Brown & Brown Conveyancers always
state to take out House insurance at the time of Signing for Purchasers.
A Purchaser cannot simply rely upon the Vendor to have insurance or
even enough insurance coverage.
With House Insurance companies - some will insure the property even
though your name is yet to be registered on the Title (legal interest)
for Purchasers - there are insurance companies that will not insure
just because you as a Purchaser have signed the Contract and there
exists an equitable or insurable interest.
TIP FOR PURCHASERS:
Brown & Brown Conveyacers encourage Purchasers to really make
sure the Insurance Company will cover you from the date of signing
the Contract; the law at the moment is a grey area – it’s
best to have more insurance than less.
There have been cases where homes have burned down and there was no
insurance (example in the Victorian bushfires) and the Vendor will
not negotiate or complete the Sale – it’s wise to have
some back up as a Purchaser if you’re serious about your purchase.
TIP FOR VENDORS:
For Vendors who are not selling - please make sure the House is insured
and for the right amount ASAP. Over 40% of Victorian Bushfire victims
had NO insurance or insufficient insurance coverage.
APARTMENTS:
The Strata Manager pays for Building insurance through the Levies
and they arrange for a Registered Valuer to value the Building, generally
every two years, to ensure the Insurance coverage is adequate.
Our
next eNEWS "Should the Vendor include Pest & Building Reports
with the Contract of Sale?” May 2010
In the meantime you can keep in touch with Garth Brown
on
Send
this newsletter to your friends
PLEASE DOWNLOAD OUR FEATURE
CONVEYANCING ARTICLE IN AUSTRALIA'S BEST BUILDING,
CONSTRUCTION & MINING MAGAZINE.
Garth Brown Endorsement.
. . . . . . . . . . . . .
Thank
you again for your valued custom.
License No: 1055854
We appreciate the referrals.
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