Posted by Jim CA on February 02, 2001 at 16:56:43:
Sorry, It was early in the morning and I miss spoke (typed) myself. I ment to say Land Contract.
Insurance on houses taken “Subject To” - Posted by Jim
Posted by Jim on January 31, 2001 at 22:50:02:
When we are able to get the deed from a seller when purchasing “Subject To” the existing mortgage, what is the procedure in the insurance department to make us the beneficiary?
The house will be in a land trust with the original owner listed as beneficiary of said trust, but beneficial interest will be assigned to us.
What’s the proper way?
Thanks
Jim
Insurance on houses taken “Subject To” - Posted by Jim CA
Posted by Jim CA on February 01, 2001 at 04:18:48:
Well if you are buying the house using a Land Trust you are not taking the deed “subject to”. Title must transfer to be “subject to”.
As for the insurance, have the owner/seller call up the insurance company and list you as additionally insured or in your case just have you replace the seller as benificiary.
Insurance on houses taken “Subject To” - Posted by Jay - (Indy)
Posted by Jay - (Indy) on February 01, 2001 at 09:27:08:
Jim,
If you are getting the deed ‘subject to’, you had better be using a Land Trust.
The title does transfer, it transfers to the Land Trust with Seller as Beneficiary then you get an Assignment of Beneficial Interest to you or your company.
The Land Trust is just a way of holding title to a property.