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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.
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What was the world's highest viewing platform before the opening of the Empire State Building in 1939?
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The Eiffel Tower, built between 1887-1889, was for 42 years the highest viewing platform in a man-made structure. |
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James W. McCormack, Broker, REALTOR, e-PRO, RECS Help-U-Sell Edge Real Estate 1454 Bethlehem Pike North Wales, PA 19454 Office: 215-619-0100 ext. 111 Direct: 215-397-5102 jwm@jameswmccormack.com
The James W. McCormack Home Selling Team
James W. McCormack, Broker/Owner, Lead Listing Specialist and Mortgage Consultant
Joseph Hradnansky, Buyer Specialist
James Henshaw, Transaction Manager
James W. McCormack Broker/Owner, REALTOR, e-PRO, RECS, Real Estate and Mortgage Consultant Your Personal Real Estate Expert Who Cares About You AND Guarantees it!
James W. McCormack Broker/Owner of Help-U-Sell Edge Real Estate, is an experienced full-time real estate professional serving Bucks County PA and Montgomery County PA. Jim is a graduate of the University of Pennsylvania and Archbishop Ryan High School.
He is a member of the Bucks County Association of Realtors, Pennsylvania Association of Realtors and the National Association of Realtors. Jim McCormack and Help-U-Sell Edge Real Estate are members of the Better Business Bureau.
Jim received a sales award from Help-U-Sell in 2005. He looks forward to helping you buy and sell real estate in Bucks and Montgomery Counties. Jim and his wife, Dawn, lived in North Wales/Montgomery Township from 1999 through 2004. In January 2005 they moved to Quakertown.
Please visit my websites for lots of great real estate related information: www.NorthPennHomes.com, www.BucksMontPA.com and www.JimTheRealEstateExpert.com.
License Jurisdiction: Pennsylvania Brokerage Company License #: RB063564 Broker of Record: James W. McCormack Broker of Record License #: RM419403 Company Name: JWM Realty, LLC dba Help-U-Sell Edge Real Estate Address: 1454 Bethlehem Pike, North Wales, PA 19454 Office Phone: 215-619-0100
   


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