Keller Williams Realty Atlanta’s Legal Tip of the Week
Legal Tip presented by:
Leigh Clack, Neel & Robinson, Attorneys at Law LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com 404-705-3690 fax 404-705-3697
Atlanta Real Estate Legal Tip: Termite Letters – Still a Good Idea
It seems that termite letters have become optional these days, because most lenders are not requiring them for their borrowers. This does not change the importance and necessity of guarding a home against termites.
Lenders do not require owner’s title insurance either. Buyers have learned to protect themselves by still purchasing the owner’s title insurance.
Lenders also do not require surveys. Although title insurance covers many survey issues for both lenders and buyers, many buyers still want a survey done to know the exact size, shape, and layout of their property.
There is no title insurance coverage for termites!
There are no home warranties that cover termites!
Hazard insurance does not pay for termite damage!
It is a good idea to have a termite inspection done during the due diligence period, even if the buyer has to pay for it. The cost of the inspection is less than $100, but termite damage can be thousands of dollars.
Related Posts:
Keller Williams Realty Atlanta: Atlanta Metro Market Overview – October 2009
This Month in Real Estate Video Report For U.S. Market – September 2009
