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What does the community chest card you are assessed for street repairs mean?
it means if you have any hoses or hotels, you have to pay the bank(monopoly bank)the fee on the card.
Can you keep house insurance money instead of fixing a damaged floor?
Its your $$$ now !!! you can do with it what you want. * If the home is not still under a mortgage contract the homeowner is not obligated to use insurance funds for repairs of the property. However, if repairs are not done the insurance provider can refuse any claim if the flooring or adjoining structure is damaged further. If the home is still mortgaged repairs must be made as the lender would have to sign the insurance check as well as the homeowner/borrower. All mortgage contracts stipulate that the property must be kept in the same or better condition as it was when the property was purchased and lending agreement made. You could BUT that would be called insurance fraud... Lis@
What does the chance card make general repairs on your property mean?
The "Make General Repairs on Your Property" chance card typically requires a player in a board game, like Monopoly, to pay a set amount for maintenance on their properties. This reflects the cost of upkeep for houses and hotels, emphasizing the ongoing expenses of property ownership. Depending on the game version, it can impact the player's finances, potentially leading to financial strain if they have multiple properties. Ultimately, it serves as a reminder of the importance of managing property expenses.
If an estate property requires significant repairs who pays for them the estate or the person inheriting the property?
The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.
In the game monopoly for the community chest street repairs do you pay for all properties or just your properties?
Answer You only pay for your own properties - all. The price escalates when you have houses/ hotels for repairs
What repairs is the tenant responsible for in the rental property?
Tenants are typically responsible for minor repairs and maintenance in a rental property, such as changing light bulbs, replacing air filters, and keeping the property clean. Major repairs, such as plumbing or electrical issues, are usually the landlord's responsibility. It is important for tenants to review their lease agreement to understand specific repair responsibilities.
What are the hidden costs associated with owning a rental property?
Hidden costs associated with owning a rental property include maintenance and repairs, property management fees, vacancy periods, property taxes, insurance, and unexpected expenses like legal fees or major repairs. These costs can impact the profitability of the investment and should be considered when budgeting for a rental property.
Who has Responsibility of repairs to property in a Contract for Deed?
That issue should be addressed in the contract.
Can a buyer of real estate property place a lien for repairs to property prior to the closing date?
No. The buyer has no authority to place a lien on the property and no cause of action for which to sue.
Can a loan be obtained against real estate property to initiate repairs if that property is secured in an Irrevocable Trust?
Yes. The trustee must sign the mortgage as the owner of the property.
Who is responsible for the home repairs when in a reverse mortgage?
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
What are the benefits of homeowner repair insurance for individuals looking to protect their property and finances?
Homeowner repair insurance provides financial protection for unexpected repairs and maintenance costs for your property. It can help individuals save money on costly repairs, provide peace of mind, and ensure that their property is well-maintained.
