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Insurance & What Do You Mean the House is Toast? (Episode 67) S5 E7
Manage episode 324669706 series 2936153
Innehåll tillhandahållet av Tyler Cazier, Aric Wiszt, & Jason Christiansen, Tyler Cazier, Aric Wiszt, and Jason Christiansen. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Tyler Cazier, Aric Wiszt, & Jason Christiansen, Tyler Cazier, Aric Wiszt, and Jason Christiansen eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
You can watch this episode on YouTube.com: https://youtu.be/_qpaUUzdwMg
Insurance protects you from loss. But what does the Utah Real Estate Purchase Contract (REPC) say about insurance and risk of loss during the purchase period?
Spoiler: It says the seller pays.
0:00 - Introduction
1:30 – Insurance will cover it. Does the buyer have to have insurance? Only if they are using a lender. The seller has to cover loss during the purchase period.
2:30 – 10% loss. This is why you don’t let the buyers move in early. All damages covered by the seller. If the damage is more than 10% of the purchase price…either party can elect to drop out of the contract.
3:21 – Story time with Aric.
4:34 – Hypothetical Situation: Italian Bobcat Fur Flooring. All repairs are on the seller. Letter of the contract – if it’s under the 10% par, they cannot exit the contract. The buyer will keep looking in the contract, and they’ll find section 11 – that the property is “as represented”. And that’s why earnest money keeps the contract alive. In the ender, you’re either going to negotiate or litigate.
9:59 – Acts of Terrorism. Not covered.
10:16 – What’d we learn today?
12:24 – Bloopers.
* No Italian bobcats were harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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