condo insurer doesnt have policy number

[Justin0111]

Purchasing a condo unit that is set to close this week. Insurance for building was just renewed, new certificate does not have policy numbers, may not get updated policy numbers for some time. Lender wont fund loan because they require certificate to have policy numbers. Seller wont agree to an addendum to extend settlement until policy numbers are issued. Buyer would like to complete the transaction but doesnt want to end up in default so may need to exercise financing contingency. Any advice? Whose fault is this? Sellers non cooperation may cause buyer to loose money invested in home appraisal and inspection. please dont say call insurer (thats been done)

 

[Just Blue]

Purchasing a condo unit that is set to close this week. Insurance for building was just renewed, new certificate does not have policy numbers, may not get updated policy numbers for some time. Lender wont fund loan because they require certificate to have policy numbers. Seller wont agree to an addendum to extend settlement until policy numbers are issued. Buyer would like to complete the transaction but doesnt want to end up in default so may need to exercise financing contingency. Any advice? Whose fault is this? Sellers non cooperation may cause buyer to loose money invested in home appraisal and inspection. please dont say call insurer (thats been done)

What state?

 

[STEPHAN]

It is the fault of the people who negotiated the contract and signed it without having a clause for this situation.

 

[quincy]

Justin0111 does have a financing contingency to get him out of the purchase. He may have to use that contingency if the seller, insurer and lender hold firm.

 

[adjusterjack]

new certificate does not have policy numbers,

Does that mean that you have a copy of that certificate of insurance that doesn't show a policy number?

If the answer is yes to that question, the certificate should have the name and contact information of the insurance agent.

Call the insurance agent and tell him you need the policy number. If the policy has already been renewed, then there is a policy number at the insurance company and the agent should be able to get it and reissue the certificate to show the policy number.

Don't rely on anybody else to do this for you.