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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.
What building has the largest windows in the world?
A
The Palace of Industry and Technology in Paris, France has three matching windows, each 715 feet high and 164 feet wide and comprised of multiple panes of glass.
Susan Svoboda RE/MAX Premier 90 East Avenue Saratoga Springs, NY 12866 Office: 518-871-9040 Fax: 518-581-0701 Email: homesfromtheteam@gmail.com
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