Insurance Coverage in the Event of Separation of Ownership and Transfer of Benefits and Risks. In the case of a land purchase contract, the buyer is registered as the new owner upon registration with the land registry office. Irrespective of this transfer of ownership under property law, the parties regulate when the benefits and risks are transferred to the buyer in the contract (economic right of disposal and liability, e.g. at the time the new owner moves into the house). If the transfer of benefit and risk only takes place after the transfer of ownership under property law, the seller runs the risk that the new owner refuses to transfer the existing insurance for the property and – until the transfer of benefit and risk to the buyer – does not take out a new corresponding insurance. If an accident (e.g. water damage) occurs during this period, the seller is liable because he or she still bears the benefits and risks but has no insurance to cover the damage. Only the property owner can take out the appropriate insurance for the property. The seller can exclude or minimize the risk by the following legal safeguards in the contract: “If the buyer refuses the transfer of insurance, a commitment is made towards the seller to insure the contractual object at least to the same extent as before, at the latest from the time of transfer of ownership until the transfer of benefit and risk.”
Insurance Coverage in the Event of Separation of Ownership and Transfer of Benefits and Risks. In the case of a land purchase contract, the buyer is registered as the new owner upon registration with the land registry office. Irrespective of this transfer of ownership under property law, the parties regulate when the benefits and risks are transferred to the buyer in the contract (economic right of disposal and liability, e.g. at the time the new owner moves into the house). If the transfer of benefit and risk only takes place after the transfer of ownership under property law, the seller runs the risk that the new owner refuses to transfer the existing insurance for the property and – until the transfer of benefit and risk to the buyer – does not take out a new corresponding insurance. If an accident (e.g. water damage) occurs during this period, the seller is liable because he or she still bears the benefits and risks but has no insurance to cover the damage. Only the property owner can take out the appropriate insurance for the property. The seller can exclude or minimize the risk by the following legal safeguards in the contract: “If the buyer refuses the transfer of insurance, a commitment is made towards the seller to insure the contractual object at least to the same extent as before, at the latest from the time of transfer of ownership until the transfer of benefit and risk.” -MLaw Xxxxx Xxxx, Attorney at Law and Notary “ILIAS” MURDER CASE On Monday, 10th August 2020, the trial of Xxxxx X., who killed the seven-year-old Xxxxx in Basel in March 2019 and is now accused of murder, begins. Our criminal law expert, Xxxxx Xxxxxx, represents the victim’s family. Accompanied by Xx. Xxxxxx, the family granted Blick an interview: xxx.xxxxx.xx/xxxx/xxxxxxx/xxxxx-f-75-erstach-in-basel-grundlos-den-kleinen-ilias-7-vor-dem-prozess-sprechen-seine-eltern-i m-blick-wir-beteten-vor-dem-op-saal-dass-er-ueberlebt-id16029158.html Article originally published on 6th August 2020 on the media platform xxx.xxxxx.xx. COMPENSATION FOR THE EFFECT OF DAMAGE ON THE MARKET VALUE OF REAL ESTATE
