58. Insurance and passing of risk.

58. Insurance and passing of risk.

Conveyancing (Volume 23 (2023)) | Commentary

At common law, and unless the contract provides otherwise, risk in the property passes to the buyer on exchange of contracts from which time the seller holds the legal estate on trust for the buyer1. It is therefore imperative that the buyer has in place a valid insurance policy covering the property from the moment of exchange. This common law provision