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WHO BEARS
INSURANCE
RISK?
The timing of insurance coverage can be critical when buying or selling property. There is the grim possibility that the home in question could burn down BETWEEN taking title and recording that title.
Final settlement on a property always takes place before formal papers can be filed with the local recording office. But what happens if settlement occurs on a Monday, the house burns down on a Tuesday, and the purchase was not actually recorded by public officials until Wednesday?
Should the loss be borne by the seller, the buyer or divided between the parties? When the issue of risk is not addressed in the contract, it is derided by state law.
If you are the buyer, the lender will require you to bring a paid fire, theft and liability policy to the settlement. If you are the seller, you have a clear interest in the property until a new title has been recorded, insurance should be maintained until recordation and, preferably, until you have received the sales proceeds.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, realtor, The Clopton House, Washington, Va. 22747. Phone: 676-3400. We’re here to help.
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