Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28271773
No new orders today 13101892
Stupid MLS comments. 3276754
What do you know about Froy Candelario, top agent in USA 1189511
Stupid QC comments and BPO requirements. 1061209
New HUD Listing Brokers---Any Update? 1028238
Is there religious content in Buffini class? 822772
Let's talk about our cars 671058
Name that Flick. Great movie Lines. 602727
Pay it Forward - BPO/REO Tips & Tricks I & II 592448
Most common items found at an REO 576063
EML 459232
REOTRANS 440753
Main Street 419467
asset val seminar in colorado 407199
assist 2 sell or 1 percent realty? 340451
HOMONYMS - There, Their, and They're 306799
Evalonline 300191
Land America 285052
Mainstreet 261859
Matched Content
Topic Options
Rate This Topic
#393829 - 11/03/11 10:22 AM Home insurance concern
Home_Owner Offline
Junior Member

Registered: 11/03/11
Posts: 3
Loc: USA
Hi,
New member here and looks like I can get some answers here.
I am about to close on a house, got the home inspection done and there were some recommended repairs but nothing major. There was one thing in particular, roof. In his report, he mentioned that there was possible hail damage and some nails need to be put in. So I call my insurance agent asking them to send someone out to the new house to check the roof and see if it is insurable and I can get a full replacement policy but the insurer said that it is the responsibility of the seller and not the buyer. Is that correct? The insurer said that if there is some damage done to the roof, the seller needs to take care of it because if I buy the house and couple years down the road if there is a need to replace the roof, I might have to pay some of it out of pocket. The seller does not know the age of the roof but the inspector said it is almost 12 - 14 years old which also comes into effect.

So basically my question is do I need to get the insurer take a look at it or the seller needs to take care of it?
I hope I gave enough information, if not let me know and I will try to fill in.

Thank you for reading.

Top
Advertisements
#393837 - 11/03/11 11:49 AM Re: Home insurance concern [Re: Home_Owner]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
Originally Posted By: Home Owner
". . . the insurer said that it is the responsibility of the seller and not the buyer.

That would be true only if it's somewhere in the Advertising or Listing information made available to the buying public, in your Purchase and Sales Contract, or somewhere in your State Laws.

I don't know what State or Commonwealth you're in; but seldom is it a requirement of a Seller to make a roof like new, without his/her first agreeing to do so.

Ask your Insurance Agent where s/he's reading from before repeating that and embarrassing yourself.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#393844 - 11/03/11 01:40 PM Re: Home insurance concern [Re: Home_Owner]
Pikes Peak Offline
Major Contributor

Registered: 12/15/04
Posts: 2799
Loc: FL
The hail damage probably occured during the present owners ownership. During your due dilligence inspection period, request that the seller has their insurance company inspect the roof and the owner make the necessary repairs or replacement prior to closing.
Your lender will probably not loan you the money without having a roof certification (5 years in my location).
Your insurer is correct, if you close you are liable for the pre-existing condition.
Good luck.

Top
#393917 - 11/04/11 07:52 AM Re: Home insurance concern [Re: Home_Owner]
Home_Owner Offline
Junior Member

Registered: 11/03/11
Posts: 3
Loc: USA
Thank you for the replies.
I have another question about the earnest money. If I back out of the deal, do I get the earnest money back or not. My broker said that since the Time Reference Date is up, I will not get the earnest money back if the deal is broken. Is that correct? In the contract that we signed, I do not see anything saying that the earnest money will be forfeited if you back out of the deal after the Time Reference Date is up. Please advise.

Thank you again.

Top
#393924 - 11/04/11 08:49 AM Re: Home insurance concern [Re: Home_Owner]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
What State or Commonwealth are you, and the property in ?

The "date" you speak of is probably embedded in the Home Inspection addendum, not the P&S Contract per se.

But we can't really interpret the terms of your Contract and its addenda without reading them, or even knowing what jurisdiction you're located in.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#393926 - 11/04/11 09:05 AM Re: Home insurance concern [Re: Home_Owner]
Home_Owner Offline
Junior Member

Registered: 11/03/11
Posts: 3
Loc: USA
I am located in OK and buying the house in OK. The only Addendumm I signed was of the time reference date, there is a date in that document but does not say anything about the Escrow money forfeited . Also its just a one page addendum.

Top
#393945 - 11/04/11 01:33 PM Re: Home insurance concern [Re: Home_Owner]
Pikes Peak Offline
Major Contributor

Registered: 12/15/04
Posts: 2799
Loc: FL
You need to look over the dates in the contract regarding the inspection and resolution of inspection items you are asking the seller to fix.
Your agent should be able to identify the escape clauses in your contract. The next one most likely is appraisal and financing.
Good luck.

http://www.ok.gov/OREC/documents/Residential%20Sales%201-2011.pdf

Top
#394056 - 11/06/11 10:50 AM Re: Home insurance concern [Re: Home_Owner]
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
Homeowner

Deposits (ernest money ) in most jurisdictions is usually subject to forfeiture, in the event the purchaser fails to fulfill the terms of the agreement.

But that being said, there are clauses that can be imbedded in a contract and drafted is such a way, that it allows the purchaser to terminate the contract without penalty or obligation, such as the following Inspection Clause.

Quote:
This agreement is conditional upon the Buyer conducting a building inspection of the property on or before [Month -DD-YYYY] and being satisfied in his sole and absolute discretion with the results of such inspection, which shall form a condition hereof which only the buyer may, at his option waive in whole or in part at any time during the conditional period. The Seller shall allow the Buyer and his agents access to the Property on two (2) occasions prior to closing, during normal business hour, upon two(2) days written notice to the Seller, for the purpose of conducting such inspection. This condition is included for the sole benefit of the Buyer and may be waived at his option by notice in writing to the Seller within the time period stated herein.


This particular "Inspection clause" allows the purchaser to withdraw their (conditional) offer in the event they are not satisfied with the results of the "Inspection", and to subsequently recover their ernest money/deposit.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
PMacpherson, Non GMO CRE, Reguru1, Shaun225, Dr.Brim
29797 Registered Users
Who's Online
4 registered (Long Walk, sualk54, 2 invisible), 54 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Long Walk 73
Vermont 39
Trouble 15
estatereal 15
Flare616 13
Snapple 12
Logan Five 11
RonnieEmz 10
waka 9
Analog Man 9
Lucky Leonardo 9
TheTexasGal 8
Flammable 8
gitmonee 7
CRSmith 5
Featured Member
Registered: 09/13/17
Posts: 5
Facebook

How To Advertise Here


This site presented by RNC Internet Services