As soon as a contract
is signed by all parties, the buyer should begin shopping for homeowner’s
insurance, which will cover general hazards, such as fire, theft, and
vandalism. The first year’s insurance premium will be collected at closing, so
you typically do not have to pay the insurance premium prior to closing. If the property is in a flood zone that
requires flood insurance, you will need an elevation certificate prepared by a
land surveyor in order for the insurance company to establish a price for the
flood insurance policy.
The answers given above have been
prepared by the law firm of Jones & Walker, P.C. of Virginia Beach as
general guidelines to common questions.
These answers do not constitute specific legal advice. For a fuller explanation of many aspects of
real estate sales and purchases, visit Jones & Walker’s website: www.jonesandwalker.com.
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