Need Help!!! - Posted by Kris

Posted by Ronald * Starr(in No CA) on July 18, 2003 at 07:01:19:

Kris------------------

You probably better have an attorney advise you.

About the effective date. I would think that there would be a clause in the contract specifying the effective date.

I’m not an attorney.

Good Investing************Ron Starr***************

Need Help!!! - Posted by Kris

Posted by Kris on July 18, 2003 at 02:30:39:

I am leasing a property fom a Landlord/Seller. To protect me,the Tenant/Buyer’s equitable intrest I want the Landlord/Seller to maintain hazard insurance upon the property naming me Tenant/Buyer as additional insured.
What is an appropriate amount to put on the contract?
Also, the effective date is the date the contract is signed by both parties, correct?
Thankyou for your time,
K

Re: Need Help!!! - Posted by MikeD

Posted by MikeD on July 18, 2003 at 12:24:55:

I know in Tn it really depends a lot on the insurance company. Some will let you just state an amount as long it is within reason of replacement cost, others will do their own review before either setting the amount or raising the amount of coverage. Not an attorney just a mortgage broker and R/E wannabe LOL.

Secondly you have to have an “insurable interest” this is were you get into some murky water.(Purely my opinion) because you start filing paperwork @ the courthouse and up jumps the Due on Sale Clause. In todays economy the banks do not want the house they have to many as it is however, it is something to keep in mind.