Mama Liz's Real Estate Tips of the Day-
the public to increase overall awareness of real estate rules, regulations, & issues.
Mama Liz says
Termite Bond Differences
So Property Disclosure & MLS says seller has a termite bond with XYZ Company.
You need to ask these questions & get the answers in writing:
1. What kind of bond?
2. Is it a repair bond?
3. Does it cover Formosan?
4. Is it a repair bond for Formosan?
5. Can the bond be transferred?
6. What is the transfer fee?
7. Is XYZ Company a reputable company (do they have proper insurance)?
If you don’t ask these questions, your buyer could be misinformed.
We had a situation where the agent nor buyer asked question #4 only to find out that the termite bond did cover Formosan and was a repair bond but not a repair bond for Formosan.
There are many pest control companies -- they don't all operate the same.
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