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Fire Insurance
Information Every Purchaser Should Know
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.
Return to: Information Every Purchaser Should Know
Elaine has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Elaine or click on "Ask Your Own Questions."
Elaine can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like her to help you locate a home, please fill out her Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address.
Elaine can also help. Just fill out her Would like an address form, please !
Or perhaps you are considering selling your home in the near future, she can also offer you a Complimentary No- Obligation Market Evaluation Form
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