Contract for deed and insurance question? - Posted by Corey (ND)

import · July 22, 2003, 2:02pm

Posted by Paul on July 22, 2003 at 20:54:18:

Hello Corey. What if he shows you as an additional insured, as a loss payee, leaving his current ins. in place so as to not cause concern and them you just take out a personal property policy covering all your personal items?
Paul

import · July 22, 2003, 2:02pm

Posted by Corey (ND) on July 22, 2003 at 14:02:07:

Working on buying a new rental house via a contract for deed. My problem is the seller has the taxes and insurance taken out of an escrow account. I don’t have a problem with the taxes coming out of escrow, but I will need to pay the insurance on my own because it would have to be in my name correct? BUT of course you have the “due on sale” clause. I am worried that if the seller stops paying taxes and insurance into an escrow that when I buy the new insurance it will show up at the bank that I am the policy holder on the property not the person on the loan. How do you handle this type of problem.

Thanks in advance.

Corey

import · July 23, 2003, 8:33pm

Re: Contract for deed and insurance question? - Posted by Sal

Posted by Sal on July 23, 2003 at 20:33:29:

I agree with Paul. Ad your name to existing insurance.

Sal