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First Time Buyers >Insuring Your Home
Many home buyers are concerned about whether they have an insurable interest in the property before the actual closing. The answer is an unqualified "yes". Although the buyer is not yet the recorded owner of the property, he or she has an insurable interest in the property as soon as the agreement of sale is executed by both the buyer and seller.
Should you get hazard insurance before the closing? It depends. Buyers do not usually insure a property until the title passes to them from the seller. However, it's wise to know what the agreement between you and the seller stipulates with regard to insurance.
Most agreements state that the property will be insured for a specific amount. This is very important to both parties. From the buyer's point of view, it is also critical that an adequate sum or full replacement value be stipulated. Watch out for agreements which read "as now insured". This is an all-too-common practice which usually indicates that the seller does not to want to increase inadequate insurance coverage.
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What does "contingency" mean in real estate?
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| A |
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence." |
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Lenore “Lee” Robinson
Prominent Properties Sotheby's Int'l Realty
87 Park St.
Montclair, NJ 07042
Cellular: 973-222-4041
Office: 973-783-6900 Ext: 127
Fax: 973-873-7161
lenorerobinson@NUMBER1EXPERT.com
leerobin12@aol.com
I have been an intricate part of the real estate landscape in Montclair and the surrounding towns since 1987. I pride myself on efficiently guiding home buyers and sellers to a seamless completion of their transaction. I have chaired many real estate boards within our local board of Realtors and I am currently the chairman of the grievance committee. I have received the New Jersey Association of Realtors Circle of Excellence Award for 22 consecutive years. I have been a member of the Junior League of Montclair-Newark, since 1965. Recently, I was a featured Realtor on HGTV's "Bought and Sold". I have resided in Montclair since 1964, where I raised my four children.
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