If You Sell A House On Land Contract, Who Pays The Home Insurance?
December 9th, 2009 - ByPosted in Home Insurance
Do I still have to carry the insurance on the home since the loan will still be under my name???
Home » Insurance Questions Answers » Home Insurance » If You Sell A House On Land Contract, Who Pays The Home Insurance?
Posted in Home Insurance
5 Responses to “If You Sell A House On Land Contract, Who Pays The Home Insurance?”
December 9th, 2009 at 11:37 am
You should not have to carry insurance because the person purchasing the land contract has to have insurance with your lender on their policy as mortgagee in case of loss.
December 9th, 2009 at 1:56 pm
In most states it is the person whose name is on the deed or title that is the legal owner of the property and has the legal insurable interest in the property. Until your name is off the documents that indicate ownership, you would be the person who is ultimately responsible for keeping up the insurance payments. As long as you have some ownership in the property you need to keep up the insurance to protect yourself from a loss.
December 9th, 2009 at 5:50 pm
You will have to carry the homeowners insurance if you are paying a loan on it. Your renters will have to purchase renters insurance.
December 9th, 2009 at 9:41 pm
Who gets pounded if the house/dwelling gets damaged? he/she pays the insurance.
or
The person who is still paying the loan.
December 10th, 2009 at 12:42 am
READ the contract
it’s usually spelled out clearly
Leave a Reply