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Unformatted text preview: ner-occupied residential dwellings. It does not include a survey because the property lines are already established by a recorded subdivision map. Since the title companies do not have to do a survey, it gives the buyer more coverage for the same price. The CAR deposit receipt includes the ALTA-R as the preferred residential title policy choice. HAZARD INSURANCE
An insurance policy is a contract in which the insurer agrees to indemnify the insured against losses caused by an unknown or contingent event. Lender's Risk – If the value of a secured property is reduced by some event, the lender's security is proportionally diminished. The lender reduces this risk by requiring that it be named as the beneficiary in a risk insurance policy. Perils Covered – The lender will require insurance against loss not only by the hazards of fire and lightning, but also most likely the additional perils of windstorm, hail, aircraft, riot, vehicles, explosion, and smoke. Form 12-1: Sample Uniform Residential Appraisal Report (partial – 3 pages) 12-22 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 12: QUALIFYING THE PROPERTY Dynasty School (www.dynastySchool.com) 12-23 REAL ESTATE FINANCE 12-24 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 12: QUALIFYING THE PROPERTY Dynasty School (www.dynastySchool.com) 12-25 REAL ESTATE FINANCE PLANNED UNIT DEVELOPMENTS AND CONDOMINIUMS
In recent years, many planned unit developments (PUDs) and condominiums have been built in the United States. As more are built and resales occur, it is important that you know what they are and how they are appraised. It is important because some lenders have different loan policies on PUDs and condominiums as opposed to single– family homes. A PUD or condominium is a type of property ownership, not a type of structure. A PUD refers to separate, individual fee o...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10