Pre-Deal Questions - Posted by gene S

Real Estate Investing
1

Posted by WilliamGA on November 28, 2000 at 22:19:28:

Gene,

Most all of the sellers I deal with couldn’t care less about an overage on Ins. or taxes. If this is a sticking point for them, just take the total taxes for the year on the property and divide it by 12 and multiply by the # of months left that they have paid.

I would use my own Ins. Co. I have my agent up to speed on the Trust and how to handle it and he does them all now. I used to try to keep the current agent on the properties I bought but I got tired of having to educate a new agent every time I bought another house.

Your agent should make the trust the loss payee (after the mgt holder of course) and should add the “Beneficial Interests as they appear” as additional insured.

Good Luck!

WilliamGA

2

Pre-Deal Questions - Posted by gene S

Posted by gene S on November 28, 2000 at 21:14:40:

The owner of the house I am taking subject to does not have the taxes and insurance escrowed and they pay the taxes directly to the county treasurer and the insurance they have thru an independent agency.

They have the taxes paid up until 4/2001 and want to know what we can do in order for them to get their overage returned to them. (Any Ideas on this)

The insurance issue: Can I just continue with the company they have or call an agency of my choice?

Who should I make as the beneficiary on this insurance policy? Remember this is a subject to deal and I am using a Land Trust.

Thanks for the help.

Gene S