is it normal contract is still not exchanged near completion date

G_M

This thread has really got off the point. As ViolaLass says above: "Read the contract".

Back in post 18 I linked to, and quoted, the 5th (current) edition of the contract used by most solicitors. For the avoidance of doubt I'll re-link / re-quote:

G_M wrote: »

http://www.lawsociety.org.uk/support-services/documents/standard-conditions-of-sale-5th-edition/

say:

5. RISK, INSURANCE AND OCCUPATION PENDING COMPLETION
5.1.1 The property is at the risk of the buyer from the date of the contract
5.1.2 The seller is under no obligation to the buyer to insure the property unless:
(a) the contract provides that a policy effected by or for the seller and insuring the
property or any part of it against liability for loss or damage is to continue in force, or
(b) the property or any part of it is let on terms under which the seller (whether as
landlord or as tenant) is obliged to insure against loss or damage

deFoix

Thanks, I'm in no way trying to argue this is not standard practice, rather I'm just trying to gain some insight as to why it is normal for the buyer to insure on exchange rather than when he actually takes possession.

Anyway it is what it is. Just seems a bit strange to me.

cidfenmaria

the purchase report note says:
"the property remains at the sellers' risk until completion, and the sellers must hand it over in its present condition, except for fair wear..."

G_M

Then perhaps it is not being sold using the SCof Sale edition 5. Maybe using 4th edition?

Look at the contract.