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RISK AND TRANSFER
[an extract from an Article by Dykes Van Heerden [DvH] 23 August 2024
Contracts for the sale of immovable property should deal with risk and the date upon which risk passes to the Purchaser. Until this date, the Seller is liable for any risks in and damage to the Property and from such date the Purchaser is liable.
Home Owner’s Insurance can, and should be, taken out to insure against these risks and the cost of damage. Should the damage claim fall within the terms of such insurance policy, the party so insured can claim from their insurance for the cost to repair such damage.
If this article is of interest to You, You can view the Original, Full article here: → https://dvh.law.za/risk-and-transfer/