All Topics / Legal & Accounting / Selling renovated house whit no building insurance

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  • Profile photo of 1Winner1Winner
    Join Date: 2004
    Post Count: 477

    Does anyone know what are the problems associated with selling a house renovated as an owner builder whithout building insurance? (NSW)

    Having done some enquiries, I feel that I am placing a noose around my neck and hoping no one will pull the rope, since such insurance is for the buyer and there is no insurance to cover me. Furthermore the insurance company will be prompt to pay claims and then recover from me because they want equity in order to provide insurance.
    This is medioeval feudalism and I refuse to participate.

    So I decided not to insure and sell with a clause that says, Sorry no building insurance avaialble, you buy as it is.

    Have you done it?, what can be the problem?.
    My solicitor says it can be done but is not too forthcoming with the risks associated with it.

    May God prosper you always.[biggrin]

    Profile photo of Misty1Misty1
    Join Date: 2004
    Post Count: 348

    Not sure if this is relevant or not,but last house i sold had a clause in the contract with a few questions in it asking that i disclose any info about works done on the place,was it insured,was work done by qualified builder,etc.It then stated if i falsely answered,I could be in trouble.(ie;new buyer could take legal action.)
    So,you can either risk it & lie,& hope like hell nothing ever comes of it.Or tell the truth & expect that potential buyers will be wary of why you wont insure it.They will then probably expect it cheaper as a result.Good luck.

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