I am about to complete a 3 unit survey strata development with practical completion of the units occurring in the next week.
I engaged one of the larger residential building companies in Perth to build the units and they have taken out builders warranty insurance policies for each of the units. I have received a copy of all of the insurance policies.
I originally intended to keep the three units upon completion as rental properties but have now decided to sell them. The units are held in my name and not through a company/trust, etc.
When I sell the each unit I assume that the builders warranty insurance will automatically cover the purchaser. Is this correct?
As the 'developer' of the properties am I liable for any building defects or any other liabilities after they are sold or are the units treated the same a PPOR that I might build and later sell? Should I be taking out some kind of insurance to cover any liabilities I might have to the purchasers?
Thanks for your advice.
I engaged one of the larger residential building companies in Perth to build the units and they have taken out builders warranty insurance policies for each of the units. I have received a copy of all of the insurance policies.
I originally intended to keep the three units upon completion as rental properties but have now decided to sell them. The units are held in my name and not through a company/trust, etc.
When I sell the each unit I assume that the builders warranty insurance will automatically cover the purchaser. Is this correct?
As the 'developer' of the properties am I liable for any building defects or any other liabilities after they are sold or are the units treated the same a PPOR that I might build and later sell? Should I be taking out some kind of insurance to cover any liabilities I might have to the purchasers?
Thanks for your advice.