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 …
Two Innocent Parties in Real Estate Fraud
That could be a problem! In fact, that’s how you lose your house. Let’s assume that Bob owns a house in the City and decides to rent it out for …
Should You Throw Out Old Insurance Policies?
In 2007, it was discovered that it was raining marble at the single best location for real estate in Canada, the intersection of King and Bay Streets in Toronto. Once …
No Insurance for the Garage
By-law Endorsement was needed Rob and Allison were sitting quietly in their family room one evening when all of a sudden they heard a crash, it was like a jet …
Trees as a Nuisance
If a tree falls in the forest, no one cares, except perhaps the termites. But, if your neighbour’s tree falls on your house, then there is a little problem. First …
Fire Damage: Should the Tenant Pay Twice?
An interesting issue arises in most commercial leases. The Landlord will arrange to obtain a policy of insurance to protect it against various risks and perils including damage by fire. …
Fallen Trees ~ When Insurance Companies Get Religious
If a tree falls in the forest, no one cares, except perhaps the termites. But, if your neighbour’s tree falls on your house, then there is a little problem. First …
Unresolved Title Defects Prior to Closing
(Ontario) Question: The closing is scheduled for tomorrow and the Buyer’s lawyer has found out that there are two expired notices on title that should be cleared before closing. Seller’s …
Retaining Wall Falling Down
(Ontario) Question: How do you deal with a property with a falling down retaining wall between properties? The Sellers agent knows nothing. The higher property (The neighbours) has a retaining …