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Hazard Insurance
Are you considering taking out hazard insurance on a property before you actually take title? It may be a good idea!
Even though you are not yet the owner of record, as the buyer, you have an insurable interest in a property the moment that you and the seller execute the sales agreement. As a matter of practice, however, buyers do not usually take out insurance until the papers change hands, and it should not be necessary if the agreement of sale is properly executed.
It is very important to both parties that the agreement states that the property will be insured for a specific amount. From the buyer's point of view, an adequate sum must be stipulated, and the agreement should not read "as now insured", which can indicate that the seller may not want to increase the insurance.
As a general rule, the amount of insurance on the buildings on a property should equal the sales price, less the value of the lot.
Do These Real Estate Tips Really Apply to YOU?
I've learned these tips through years of experience as a top Realtor. But I know that YOUR situation might be different. That's why I'm here. It's my job to personally advise homebuyers and sellers. Ask me if any tip that I've included here really applies to your situation. If you have any questions about these tips - or other tips you may have heard elsewhere - ask me! I'll respond quickly, for free and without obligation.
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Real Estate Internet
Warning:
Despite advertising claims to the contrary, the Internet is not
an experienced Real Estate Professional. It cannot consult, counsel, advise,
and have knowledge of local laws and market conditions, make judgments, "own"
the result, or most importantly, understand your individual goals and needs and
care about you as a Client. To obtain an accurate interpretation of any
information you're receiving online.
Please contact me at
360-770-4454 |
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Why choose an agent that is an
e-PRO?
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- NUMBER1EXPERT™ 
