T.l.c., Both Buyer and Seller in Salisbury Beach, MA

I live in a duplex home, 1 homeowners. If we condex, are each of us required to have insurance? And will the absence of a firewall be an issue?

Asked by T.l.c., Salisbury Beach, MA Tue Nov 24, 2009

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I am selling my half of a duplex. As it stands now we do not have a HOA, no condo fees nothing. We have a firewall between us. I have lived here 8 years and I and my neighbor have had our own seperate insurance policies. It happens that it is thru the same agent but totally seperate. No Master Insurance. So my question is now that I am selling my duplex they are requiring a Master Policy. My neighbor does not want to do it. Do they have to? Will this hold up the sale of my home? What recourse would I have if they would not do it?
0 votes Thank Flag Link Thu Aug 26, 2010
As you see, my answers differ from others and others may be right on but as far as master insurance, I would not want to have to worry if another party has paid his or her half cost unless of course is in figured into the monthly mortgage payment. Bottom line is you and your family and property need coverage, ask about how to get it, explain the situation and let the trained pro get you "in good hands". I am only an estate agent, and for me to give facts about insurance is an insult to the insurance industry. Trust in me only to say, you need to talk to a professional insurance agent so as not to be misled. be sure to tell the truth abouit the property and the wall, deceit may be used aginst you if you ever need to file a claim and the find out you lied, ..... not good. Good luck, and if you ever need me just call me 978-335-9092.
0 votes Thank Flag Link Wed Nov 25, 2009
can you tell me the most important questions to ask the insurance agent, who happens to be my condex neighbor. I trust her but need some peace of mind.
0 votes Thank Flag Link Wed Nov 25, 2009
A condex is typically two homes joined together. Much like a duplex. You own one half, someone else owns the other half. You'll share the cost of master insurance to cover the whole structure. You might also purchase separate homeowner's insurance to cover just the part that you own; usually from the studs, in.

A nice thing about a condex is that all of the maintenance costs are shared. This means that there are no homeowner's association fees. There are just two people agreeing on what needs to be done. The drawback is that if one of you can't make the payments on the shared expenses, the other person is left holding the bag.

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0 votes Thank Flag Link Tue Nov 24, 2009
Great question, I in all honestly would contact your insurance agent as this is a loaded gun, you should always protect yourself for no one else ever will especially when your friend is looking to balme someone for his losses. My advise is to seek an insurance pro.
0 votes Thank Flag Link Tue Nov 24, 2009
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