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.
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The Conti Team RE/MAX Valley Properties 16275 Monterey Road, Suite C Morgan Hill, CA. 95037 1124 Meridian Ave san Jose ca 95125 408-691-7700 800-541-7837 Email: paulandginger@NUMBER1EXPERT.com
Paul and Ginger know Santa Clara County Real Estate! With over 28 years of experience selling homes and rental property, they know the nuances of pricing--whatever kind of home or investment property you're selling! They know you want to sell your property fast but get top dollar. With "The Right Price Analysis" individually prepared on your property they will do just that! Paul and Ginger don't just list properties, they market them to sell! ...
What is the difference? Paul and Ginger have a record of moving Real Estate profitably and fast! Paul's technical capabilities and intimate knowledge of marketing, which includes the latest Internet technologies, will insure the buying and selling cycles will be quicker, smoother and more profitable for you. Paul is in the Top 5% of agents in Santa Clara County and in the Top 2% in the nation, having sold many properties just like yours....
Ginger is the author of the book “The Art of Home Staging” and founder of www.HomeStagers.com. She has staged/showcased over 380 homes and Paul lists them. The home staging service is FREE for their clients. Their team effort is profit in their seller’s pocket. Paul is also an expert in 1031 Tax Free Exchanges.
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