Case Law Wednesdays – Can a Public Adjuster Act as an Appraiser?

When reviewing an insurance policy, you might come across an appraisal clause that usually states that appraisal is mandatory when properly demanded by the insurance company or the insured after property damage. Appraisal is not arbitration, instead it is a method for determining the amount the insurance company should provide for loss to your property. After appraisal is demanded, each side must choose an Read More

Knowledge Mondays – Appraisal Contingencies in Real Estate Contracts

A contingency in a real estate purchase contract is a condition that is legally binding. This condition must be met before or at the time of closing so that the purchase of the contract is complete. An appraisal contingency in a purchase contract typically states that the property must be appraised at the sales price or higher. If the appraisal of the property is lower than the sales price, the buyer may walk away Read More

Case Law Wednesdays – Marring: What Does it Mean?

Most insurance policies cover losses on an all risk basis if a claim is the result of a direct physical loss. However, insurance policies typically contain a section describing what an insurance policy expressly excludes from coverage. In most common policy forms, there is a section similar to the section below: In Gamero v. Foremost Insurance Company [1], the insured sued his insurance company after a vase Read More

Knowledge Mondays – What you Need to Know about FHA Loans?

A Federal Housing Administration (FHA) Loan is a mortgage that is insured by the Federal Housing Administration. FHA loans are extremely popular with first time home buyers because they allow down payments of only 3.5%. With an FHA loan not only is the down payment amount minimal, but the credit score required can be as low as 580. Although FHA loans are popular with first time home buyers, any buyer may apply for Read More

Knowledge Mondays –Financing Contingency in Real Estate Contracts

There is a high probability that when a buyer enters into a property purchase contract, he/she does not have the entire purchase price available. The buyer will have to secure financing for the property before it can close on the property. Securing financing for a property can be a difficult task for individuals that do not have the right credit score or yearly income. Thus, it is crucial that your purchase contract Read More

Knowledge Monday – Closing on a Property with a Homeowner’s Association

A homeowner’s association is an organization in a community or condominium that makes and enforces rules for the properties and residents. As a buyer or seller of a property with a homeowner’s association, there are a few things that you should keep in mind. As a buyer it is important to note that you automatically become a member of the association and are required to pay the monthly fees once you purchase the Read More

Knowledge Mondays – Final Property Walk Through

After entering into a purchase contract and satisfying all the conditions before closing, a buyer’s final step before signing at closing should be conducting a final walk through. The purpose of the final walk through is to make certain that the property is in the same condition as when you initially agreed to purchase it. The walk through is the final inspection before you make your purchase official, therefore it Read More

Case Law Wednesdays – Waiving Appraisal

Insurance policies usually have an appraisal clause which states that appraisal is mandatory if an insurance company or an insured properly demand it after property damage. Properly demanding appraisal is extremely significant as your insurance company may waive their right to appraisal. In Kennedy v. Frontline Insurance [1], the insureds reached out to Frontline Insurance just two months after hurricane damage to Read More

Knowledge Mondays – Future Home Inspections

When purchasing a property, it is crucial that you take time to fully inspect the interior and exterior of the property. Inspections provide buyers an opportunity to identify any issues with a home before they make one of the biggest purchases of their lives. In a purchase contract, if the buyer decides not to inspect the home and any problems are found after closing, they are the buyers responsibility. At the moment Read More

Case Law Wednesdays – Satisfying your Post Loss Obligations

Insurance policies typically contain post loss obligations that the insured must abide by before filing a lawsuit. Post loss obligations are conditions that the insured must perform after they have experienced a damage to their property. These obligations can include providing prompt notice of the loss, making reasonable repairs to protect the property, and/or providing a sworn proof of loss. A sworn proof of loss is Read More