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Information Every Purchaser Should Know

      Fire Insurance

If you are assuming a mortgage or putting a new mortgage on the property, it is a requirement of all mortgage companies that, at the time you purchase the property, you have in your possession a copy of the fire insurance policy in an amount at least equal to the amount required by the mortgage company. The loss under the policy must be payable to the mortgage company pursuant to the mortgage instructions.

Your lawyer will not conclude the purchase of a property on your behalf unless they have in their hands, by the closing date, a copy of the insurance policy or a letter signed by the insurance company setting forth the details of the policy and confirming that the house is fully covered.

If you are not going to be moving into your home immediately, you should point this out to your insurance agent as, under many policies, the insurance becomes void if the property is left vacant. Your lawyer will also recommend that all policies have an effective date commencing the day before the closing is to take place.

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Return to: The Agreement of Purchase and Sale

Glenys has answers to your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Glenys or click on "Ask Your Own Questions." Glenys can send you information on any Property Listed For Sale on the Multiple Listing Service® in the Halifax area. If you would like her to help you locate a home, please fill out her Information Request Form. Or perhaps you are considering selling your home in the near future, she can also offer you a Free No-Obligation Market Evaluation Form

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