I am selling a lake property with a cabin on it. Do I maintain my homeowners policy on it until it is paid in full, I am financing the sale.
Total Comments: 4
Posted: Fri Jul 27, 2012 12:26 am Post Subject:
You maintain the insurance until it the ownership legally changes. You usually sign the paperwork at the same time the payment is handed over.
Posted: Fri Jul 27, 2012 02:36 am Post Subject:
I am carrying the note on it. They are making monthly payments. That is my question, do I maintain homeowners on it until it is paid in full in case of a fire or other casualty.
Posted: Fri Jul 27, 2012 04:15 am Post Subject:
You change the home owners policy to a fire policy unless you have personal property in the home.
That is, if the tenant burns down the home and you have no insurance you are left with nothing. You can feel free to squeeze the tenant for every dime they have and at the end of the day you will have 2 dimes.
My recommendation is that you make the buyer obtain a policy on the home with liability coverage.
Posted: Fri Jul 27, 2012 02:22 pm Post Subject:
I suggest that you have the purchaser obtain a Homeowners policy with you listed as a leinholder.
Posted: Fri Jul 27, 2012 12:26 am Post Subject:
You maintain the insurance until it the ownership legally changes. You usually sign the paperwork at the same time the payment is handed over.
Posted: Fri Jul 27, 2012 02:36 am Post Subject:
I am carrying the note on it. They are making monthly payments. That is my question, do I maintain homeowners on it until it is paid in full in case of a fire or other casualty.
Posted: Fri Jul 27, 2012 04:15 am Post Subject:
You change the home owners policy to a fire policy unless you have personal property in the home.
That is, if the tenant burns down the home and you have no insurance you are left with nothing. You can feel free to squeeze the tenant for every dime they have and at the end of the day you will have 2 dimes.
My recommendation is that you make the buyer obtain a policy on the home with liability coverage.
Posted: Fri Jul 27, 2012 02:22 pm Post Subject:
I suggest that you have the purchaser obtain a Homeowners policy with you listed as a leinholder.
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