As a seller, you can take out seller liability insurance in connection with the sale of property. The insurance is taken out as security against any claims for defects that the buyer of the property may make against the seller after the takeover.
As a seller of a property, you can be held liable for hidden defects and deficiencies in the property sold for a period of 10 years. It is possible to limit your liability through the home inspection scheme.
The house inspection scheme exempts the seller from liability for hidden defects and deficiencies, i.e. defects and deficiencies that are not mentioned in the condition report. According to the house inspection scheme, the seller must ensure that a condition report is prepared, obtain an offer for change of ownership insurance and offer the buyer to pay half of the insurance premium.
The home inspection scheme provides very good protection for the seller, BUT, there are still a number of conditions regarding the property for which the seller can be held liable for up to 10 years. Among other things:
• Illegal utility and sewer lines outside the building
• The pollution on the site
• Illegal building design
• The property area
In these circumstances, the seller can be held liable if it proves to you that there are errors, defects or illegalities in the property sold. It can therefore be a really good idea for the seller to take out seller liability insurance when selling a home, as the seller thereby avoids the buyer being able to claim the vast majority of defects. The insurance is not particularly expensive, and we therefore usually recommend that sellers take out the insurance.
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