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Real Estate Tips
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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Real Estate Trivia
Q 
What Hollywood star made the first footprint outside Grauman's Chinese Theater?

A 
Norma Talmadge accidentally stepped in wet concrete outside the building in 1927.
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Chuck Hartell, REALTOR®, real estate agent and broker for Maple Grove, Otsego, Monticello and Elk River, Minnesota home listings, property and land for sale - NUMBER1EXPERT(tm)

Chuck Hartell
Edina Realty

10001 James Ave, NE
Monticello, MN 55362
Phone: 612-991-7168
Fax: 612-295-3807
Chuck@ChuckHartell.com


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