Question

When can a person who sells real property require the use of a specific insurance agent, broker or solicitor?

1. As a condition precent to the sale of such real property.
2. When a buyer's credit score is below the lender's threshold.
3. A buyer is always able to choose their own insurance representative.
4. When it is required by local municipal regulation.

Answer 1

A person who sells real property can require the use of a specific insurance agent, broker, or solicitor in certain situations, such as a condition prior to the sale, when a buyer's credit score is low, or when local municipal regulations mandate it. However, buyers usually have the freedom to choose their own insurance representative.

Step-by-step explanation:

A person who sells real property can require the use of a specific insurance agent, broker or solicitor under certain circumstances:

1. They can require it as a condition precedent to the sale of the property, meaning that purchasing the property is contingent upon using a specific insurance representative.
2. If a buyer's credit score is below the lender's threshold, the seller may require the use of a specific insurance representative to mitigate the risk associated with the buyer's creditworthiness.
3. Local municipal regulations may require the use of a specific insurance representative in certain cases.

However, it is important to note that a buyer generally has the ability to choose their own insurance representative in most situations.