Friday I attended the closing for a 4 bedroom house I sold in Arlington Heights. We had a few minutes of uncertainty when the buyers’ attorney asked the buyers for proof of homeowners insurance and they didn’t have it with them. Fortunately, I had stopped by the house just before the closing to remove the lockbox and noticed that there was a letter in the mailbox from an insurance company. While the closing continued, I retrieved the letter which helped us complete the closing that day.
Buyers, as soon as you have a contract for a home, apply for homeowners insurance and bring proof of that insurance to the closing.
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Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 2 comments… read them below or add one }
Dear Fran,
I applaud your being proactive and saving the day- that, is a smart Realtor right there… and I’m certain everyone was elated; however, why didnt your BANKER (and their team)get this stipulation out-of-the-way as it certainly is (most often than not) a primary requirement in Illinois….?
Sincerely,
GSC
I think you meant THEIR banker (mortgage company). I represented the seller. The buyer’s attorney and loan officer should have both made sure the buyers knew to bring proof of insurance to the closing.