do I need home insurance when i am selling the home ?
by Guest » Thu May 06, 2010 07:15 pm
do i need to purchase home insurance when i am putting the house ont eh market ?
Total Comments: 2
Posted: Thu May 06, 2010 07:20 pm Post Subject:
if it burns down, damaged by a storm, or is vandalized, do you want to get paid?
Posted: Sat May 08, 2010 10:04 am Post Subject:
Is the home currently subject to a mortgage? If so, one of the contractual conditions in the mortgage, at a minimum, is a fire insurance policy to protect the lender's interest.
And as mbyork points out, a property can be lost due to other risks as well. The buyer will not be forced to accept a home in any condition other than what it was in at the time a purchase agreement was executed. You'll lose the sale as well as the home.
Posted: Thu May 06, 2010 07:20 pm Post Subject:
if it burns down, damaged by a storm, or is vandalized, do you want to get paid?
Posted: Sat May 08, 2010 10:04 am Post Subject:
Is the home currently subject to a mortgage? If so, one of the contractual conditions in the mortgage, at a minimum, is a fire insurance policy to protect the lender's interest.
And as mbyork points out, a property can be lost due to other risks as well. The buyer will not be forced to accept a home in any condition other than what it was in at the time a purchase agreement was executed. You'll lose the sale as well as the home.
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