Lease option!! - Posted by Guy Payne

Posted by Judy on January 04, 1999 at 11:42:34:

Where can you get insurance (including fire) on L/O?

Lease option!! - Posted by Guy Payne

Posted by Guy Payne on January 04, 1999 at 24:40:12:

I need help. I have a house that I leased with an option. The lease allowed me to sub-lease this house. Well to make a long story short the tennants that were renting from me caught the place on fire and caused substantial damage. I was to exercise my option soon. Now I don’t know where I stand. Anybody HELP!!!
Thanks, Guy.

Re: Lease option!! - Posted by Joe Kaiser

Posted by Joe Kaiser on January 04, 1999 at 01:10:40:

You should have made arrangements for fire insurance somewhere along the lines. That means you either got your own, had the owners add you to their policy, or had the owners agree in writing to assign you the insurance proceeds in the event of this sort of thing.

Any of those would get you squared away.

If you have nothing like that in place, you should look to your agreement with the owner to see where you stand.