Posted by David Alexander on March 17, 2008 at 12:25:17:
The sellers name has to remain on the policy as the insured… the new buyer is the additional insured…
Sub2 Insurance policy - Posted by Ken
Posted by Ken on March 13, 2008 at 16:33:45:
I have taken an option on a piece of property and i have a buyer interested in taking over the payments.My question is what should he do for an insurance policy without triggering the due on sale clause
Re: Sub2 Insurance policy - Posted by James
Posted by James on March 14, 2008 at 07:13:23:
Tell us, why would adding insurance to a property trigger the DOS clause. Just curious as I’ve never seen it happen this way.
Re: Sub2 Insurance policy - Posted by Ken
Posted by Ken on March 14, 2008 at 14:23:34:
If the buyer gets an insurance policy and cancels the sellers policy the bank will ask for a new policy then i assume they will figure it out when they get the new policy in buyers name