Question about L/O and insurance.... - Posted by Charity

Posted by arya on December 17, 2000 at 23:10:47:

Hi Charity,
You are not providing enough information on
what type of policy ? If you are planning to
get some sort of Insurance on home which is not
yours, then you are asking The Bank to do
" Due on sale clause" .
Otherwise, your contract should say,
The Lessor agrees to procure and maintain in force
during the term of this lease, fire, extended
coverage,public liability…
Also your T/B are responsible to have their own policy …
All these terms need to be disclosed
in your L/O Contract.

good luck,

Question about L/O and insurance… - Posted by Charity

Posted by Charity on December 17, 2000 at 20:55:33:

What do I need to do once I get a home under L/O and am ready to put a T/B in it? Do I get a policy? Does the owner keep the one they have? Can someone give me guidance?

Thanks! I am working on my first L/O deal!