Are you considering taking out hazard insurance on a property before you actually take title? It may be a good idea!

Even though you are not yet the owner of record, as the buyer, you have an insurable interest in a property the moment that you and the seller execute the sales agreement. As a matter of practice, however, buyers do not usually take out insurance until the papers change hands, and it should not be necessary if the agreement of sale is properly executed.

It is very important to both parties that the agreement states that the property will be insured for a specific amount. From the buyer's point of view, an adequate sum must be stipulated, and the agreement should not read "as now insured", which can indicate that the seller may not want to increase the insurance.

As a general rule, the amount of insurance on the buildings on a property should equal the sales price, less the value of the lot.

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Sharon Sutherland
Gloriod & Associates
660 South Pointe Court, Suite 200
Colorado Springs, CO 80906
Cell: 719-491-7496
Fax: 719-576-2918
Office: 719-785-4120
SharonSutherland@NUMBER1EXPERT.com
sharonsutherland@gloriod.com

My philosophy for success is to provide excellent service to my clients in their real estate transactions, making their experience a most positive and enjoyable one. My personal commitment is to provide specialized care to every client using my experience, my integrity, my enthusiasm for my job, and my love of people to focus on their real estate needs and to be attentive to the details and goals that are important to make every transaction a successful one! I grew up in Colorado Springs and have lived here since 1965. Consequently, I am very experienced with this market and understand what it takes to buy and sell a home in Colorado Springs or the surrounding areas. I have worked as a Real Estate Broker Associate with Gloriod & Associates for the past nine years. I specialize in resales, new home sales, new construction, relocations, and custom home sites. I have earned designations as a Certified Residential Specialist (CRS) and a Graduate REALTOR® Institute (GRI). I would appreciate the opportunity to share my real estate knowledge and experience with you by partnering with you to sell your home and/or assisting you in finding the home of your dreams! If you are looking to buy or sell in Colorado Springs, Monument, Northgate, Pine Creek, Briargate, Broadmoor, Woodland Park or any surrounding areas please call me today!

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