Homeowner's Insurance

If a buyer is purchasing a property with a loan, the lender will generally require the buyer to purchase homeowner's insurance to protect the lender's investment.  However, even there is no lender in a transaction because the buyer purchased the property with cash, it is generally recommended that the buyer still purchase homeowner's insurance to protect their purchase and reduce potential liability.

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6.0 Contract Is Now Available

The new 6.0 real estate contract is now available.  There are significant changes, especially to the mortgage paragraphs so be sure your attorney is aware of the changes and how they impact the client.

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How Should the Seller Leave the Property?

Typically, unless the parties have an agreement to the contrary, a seller shall clean the property, remove all clutter, and leave the property in "broom swept" condition prior to vacating the premises.  If the seller fails to do so, he/she can be liable for damages to the buyer for the cost to remove such items and clean the premises.

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Where Will My Real Estate Closing Occur?

Per most contracts, closings will usually occur at the title office nearest to the subject property.  It is typically a requirement that the title office be located in the same county as the real estate being purchased.

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Remote Closing

If a buyer is looking to close remotely, meaning they will not physically be present at the closing, he/she must approve it with their lender.  The title company and attorneys likely will be able to coordinate such a closing, but lenders may not approve.  In a cash deal with no lenders, it is typically much easier to accomplish.

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New Closing Statement Coming Soon

The settlement statement at closing will soon be significantly changing and will no longer be produced by HUD.  It will be slightly longer, but hopefully easier to understand.

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Homeowner's Insurance Required By Lenders

If you are buying a property using a mortgage, you will be required by your lender to carry homeowner's insurance.  This is because the property is acting as collateral for the loan, so if the property is destroyed or damaged, any insurance proceeds will first be paid to the lender until their interest is covered, then any additional proceeds will be payable to the buyer.

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