REMAX Commercial real Estate Kansas City

Argus Kansas City Chapter Commercial Real Estate

These are a few of my favorite things—Insure &Survey in Kansas City

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After completing all of the paperwork on the purchase or sale of a property a battery of people move into action. Two of the most important activities are the insurance inspection and the survey. Both of these activities are performed by different people and are generally completed the week prior to closing. Numerous transactions indicate a need for both buyers and sellers to request these activities be performed as soon as possible after all the pertinent contracts documents are signed by all parties.

Many insurance companies have endured massive losses due to hail,hurricanes and flooding in recent years. One company in particular has endured more loses than others and has initiated a restrictive policy based on their economic model relative to roofing (materials,conditions and installations.)

In a recent transaction,it was discovered the roof was installed eleven years ago without felt underlayment. The building code where the property is located clearly states the roof was installed correctly and that felt underlayment was not required. However,the insurance inspector informed the buyer the roof was uninsurable and advised the client (the buyer) to seek a way out of the contract. The seller elected to call another insurance agent to inquire as to the insurability of their roof. The seller’s agent assured all parties the roof was not only insurable but in sound condition. Fortunately these
discrepancies were discovered nearly a month prior to closing and to date the transaction is back on course.

In another recent transaction an encroachment was discovered by a survey crew 24 hours prior to closing. The encroachment was a power easement that encroached on the apron of an in ground pool. As it turned out the title company agreed to insure the buyer for “forced removal”and the parties agreed to proceed .

The message is if it can happen it will. Both buyers and sellers should get all the t’s crossed and i’s dotted as early as possible.

Whether
you’re thinking about buying or selling or seeking information,rely on RE/MAX
Best Associates 800-391-BEST(2378) or 913-345-BEST(2378) to provide accurate up
to date information about the marketplace today.

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