Selling Your Own Property

Dated: 12/31/2015

Views: 246

Here's what you should know about your E&O

Many Real Estates brokers and agents handle transactions in which the are selling their own properties. Most errors and omissions insurance policies define home-ownership as having 10% or grater ownership interest in a property. While some E&O policies exclude coverage when you are selling your own property. most companies will offer coverage if the following items are in you file.

  • The date the buyer had the home inspection performed and name of the inspector.

  • A home warranty

  • A seller's disclosure

  • A written disclosure notifying buyers the property is owned by an agent or broker

  • Sate-approved forms

If a buyer refuses the home inspection on and home warranty, some companies will allow a waiver. 

it is a good practice to have the items above included in all files-not just when selling your own property. if you do some E&O Carriers may lower your deductible or even waive it entirely.

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