If you are looking at homes built or renovated between the late 1970s and the mid-2000s in neighborhoods like Bedford, Sackville, Dartmouth, or Clayton Park, you will occasionally see references to
Damage to a Home Between Firm up and Closing
Dated: February 6 2023
Views: 227
Here's a situation that many home buyers and sellers don't consider:
Imagine you put an offer on a house, the offer has been accepted, you have done your conditions, and the deal is firm, but you have another month or two until closing day.
What happens if something happens to damage that property in between the firm-up and closing day? Well, part of the Agreement of Purchase and Sale, which is the contract or the offer that you made, indicates that the property has to remain under the seller's insurance until closing day, at which time the buyers should have the home insured.
And I can't stress enough how important that is for sellers - if you have a couple of months, or even a few weeks until the closing date, make sure your insurance is continuing until closing day. Why? If anything happens to that property, it's on you, so you need be sure you have insurance.
Let's say a tree fell on the house and damaged it. The buyer generally gets to have a look at the insurance coverage and decide if they want to take that and proceed with the deal, or if they would like to terminate it.
So just make sure as a seller, you have your home or your property insured until closing day and as a buyer, you're going to have to show your lender proof of insurance anyway, but just make sure everything is insured so everybody is covered in the event that something happens.
Cheryl Cook
Cheryl Cook | REALTOR® | RE/MAX Nova | Halifax, Nova Scotia Good data. Clear communication. Experienced guidance every step of the way. My obsession with houses began early. Moving frequently as a ....
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