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What your home insurance won’t cover

By Robert Hof

When you hide something from your buyers, chances are you are going to have to pay for it after closing, as well as paying lawyers. And don’t expect your home insurance to cover your legal fees. Please see the attached case about a seller who tried to hide the fact that there was a prior fire on the property from a buyer. Insurance companies will not protect you if you deliberately mislead a buyer. This case underscores the importance about speaking to the neighbours whenever you are doing due diligence about any home. Neighbours will tell you things that the owner will not volunteer. Also, if it is important to your client, ask the seller or the seller’s agent point blank about it. If a seller is asked a question, they must respond truthfully. Remember that the next time you represent a seller as well.

Click here to read the article:

http://www.thestar.com/business/personal_finance/2013/08/26/what_your_home_insurance_wont_cover.html

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