Would someone please advise on the following relating to Owner Builders in Victoria.
Can an Owner Builder contract a builder to do the work and then onsell the property before completion, intending to then transfer the insurance to the contracted builder who will take over the liability. With the decrease in insurers available due to the withdrawal of insurers form the market this is an option that I have had to take to ensure that the building could get started on time.
However, someone has now pointed out that it may be illegal to do this.
Can anyone please advise?
Thanks
Spyglass
Can an Owner Builder contract a builder to do the work and then onsell the property before completion, intending to then transfer the insurance to the contracted builder who will take over the liability. With the decrease in insurers available due to the withdrawal of insurers form the market this is an option that I have had to take to ensure that the building could get started on time.
However, someone has now pointed out that it may be illegal to do this.
Can anyone please advise?
Thanks
Spyglass