There is an exciting stage in the property purchasing cycle. After you have successfully negotiated the sale and all the legal elements have been completed, you will often have a quiet period leading up to settlement.

Settlement is the day when you exchange your hard earned cash for the property, either obtaining vacant possession or with an active tenancy in place if purchasing an investment.

It is the day you receive the "property title".

A few days prior to the settlement date, your solicitor or conveyancer may recommend a pre-settlement inspection.

So what happens at a pre-settlement inspection?

The agent who you purchased the property from will arrange a convenient time to view the home.

During this inspection you are checking to see that the home is in a similar condition to when you actually inspected and negotiated on the property.

You may at this time confirm that all the fixtures and fittings such as curtains, carpets and dishwashers etc are in place.

Once you have inspected the property and everything is okay, then you advise your solicitor who will proceed with the settlement process.

So now that I have bought the home, should I get insurance?

Yes. As soon as you have negotiated a successful purchase we recommend that you get insurance.

The reason for this is that now you have purchased the home you have what is called an insurable interest, in that you have a financial commitment to the home.

Should anything happen to the property (fire etc) prior to settlement, then you would want to be able to rebuild the home.

Although the seller has to provide the property in a similar condition to when you inspected the home, there is nothing that commits a seller to having to have insurance.

So having insurance in place from your date of purchase will put your mind at ease.