Insurance >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.
|
 |
| Q |
Where will you find the world's largest indoor waterfall?
|
| A |
The lobby of the International Center in Detroit, Michigan has a waterfall of 114 feet, backed by 9,000 square feet of marble. |
 See More Real Estate Trivia > |
|
|
Imad Elali & The Beach Team are
some of The Top Selling Real Estate Experts™
Find Out More > |
|
- NUMBER1EXPERTS™ 
