Posted by Brian M. Powers(MI) on July 20, 2002 at 14:04:03:
I am interested in lease options and was wondering if one does a title search prior to signing up seller/landlord in lease option?
yes…you should do a title search to see what leins/mortgages are recorded against the property. you should also verify with the owners lender to see what exactly is owed on the property.
Also, once lease is in place do you ask the seller/landlord to add you as co on home isurance policy?
you should have the owner list you as additionally insured on their homeowners policy. you should also make sure that is it changed to a landlord policy if it is not already.
anyone have any feedback on flipping the lease/option contract to investors?
never done it. my sellers are comfortbale working with me and would not want me flipping the contract to someone they don’t know.
BMP