Buying or Selling a Home/unconditional contract

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Expert: - 4/29/2009


Question
Hi I'm from New Zealand, I just brought a property with an unconditional contract and the settlement date is not for another 6 months. Am i responsible for insuring the property now as i am now the owner. Is this correct or not and why?
Thanks Olene

Answer
Hello Olene,

Thank you for your question.

As you have explained it you are in unconditional contract to close in six months?

You become the owner at the closing and become responsible for property expenses then unless you made other arrangements in the contract.

Good luck!

Hans

Buying or Selling a Home

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Volunteer

Hans Weber, Licensed Broker Associate

Expertise

I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?

Experience

Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

Organizations
National Association of Realtors.
Westchester County Board of Realtors.

Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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