There are a few instances where my Buyer has asked permission to be able to store their stuff in the Sellers house before the Completion date.
My immediate reaction is a shudder, a horrible feeling in my gut, and a Realtor pleading with my Buyer, for the love of anyone, please don't!
There have been a few circumstances, where for some reason the Buyer feels compelled to store some of their things in the Sellers house before the Completion date. The Buyer feels like they would only like to move their stuff once instead of twice and knows the Seller has room or the property may already be vacant.
In both circumstances this can turn into an insurance nightmare. Lets take this scenario for instance.
Bobby Buyer has purchased Sally Sellers house. Sally moves out early, before the Completion date to her boyfriend's house. Her house sits vacant. She still holds her home insurance policy on it. Bobby obtains permission directly from Sally to store some of his stuff in Sally's house before the Completion date. Bobby being a first time home buyer does not have tenants isurance, nor does he bother to take out an insurance policy on his new house, as it is the last thing on his mind.
Can you see where this is going? Can you tell why this gives me the heebie jeebies?
Three days before the Completion date vandals break into Sally's house because they noticed it has been vacant and steal all of Bobby's stuff, break windows and tip over the hotwater tank leaving a foot of standing water in the basement suite.
Sally's home insurance policy will cover the damage done by the water, the hotwater tank replacement, and the broken windows. There is nothing on Sally's insurance policy that covers any of Bobby's stuff. So how does Bobby get his stereo, his collection of rare 8 tracks, and his Johnny Cash albums back?
Simple answer is he doesn't. There is no insurance policy to cover his stuff and it wasn't supposed to be there in the first place. There is a long answer, but in the end why take the risk? Keep your stuff at your own house until you get Possession of your new house.
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