When a property is being sold, one of the often-overlooked issues is the type of plumbing in the home. Some older homes still contain galvanized steel, lead, or polybutylene (often …
The Relationship Between Insured and Insurer
The relationship between an insured, the policyholder, and an insurer, the insurance company, is contractual, governed by the terms of the insurance policy. However, unlike most contracts, this relationship is …
Disclosure of Insurance Claim and Rectification of Property
Question: Under TRESA if a property had a significant insurance claim but everything was fully repaired and there have been no issues since, this does not need to be disclosed …
Protect Your Client’s Deposits
Pro-rata Division of Deposit Funds The limit for a deposit to qualify for 100% coverage is $200,000.00. So, if your deposit exceeds that amount consider other alternatives. The overall limit …
Death in a Pool: Disclosure
Question: Death in a pool – Technically not in the house but on the property. Does it need to be disclosed if it was not asked? Answer: Generally, the answer …
Insurance: Inspection Report
Question: What happens if the Buyer’s insurance company wants a copy of the inspection report before they’ll confirm insurance coverage? Answer: It’s important to be aware that the relationship between …
Buyer Places Own Insurance
Question: Your buyers purchase a vacant home. On the revisit, the neighbor discloses that he was watching/taking care of the house, but that he’s no longer doing that. What is …
Listing Agent as Seller and Buyer Agent
As agents listing our own properties: 1) is there any reason we aren’t allowed to work with an SRP? Answerr2) To protect myself from E&O, should I list with a …
Fire Insurance: Where did the Money Go!
We looked at an example, the other day: Acquisition Purchase Price: $1,300,000.00 Mortgage: $800,000.00 Fire Insurance: $500,000.00 House Value $500,000.00 At the Time of the Fire with Co-insurance clause: included …
Why is that House Not Being Rebuilt?
There was a fire last May. The entire house was destroyed by fire. The Insurance Company paid to have the remainder leveled and the debris removed. That was 9 months …