"Subject to" Insurance help - Posted by Jon B

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“Subject to” Insurance help - Posted by Jon B

Posted by Jon B on May 08, 2004 at 13:25:09:

Hi, all again.

I have another question for you. I just bought a 2 houses “subject to” doing a table top closing. But I was thinking What about their insurance, the taxes and insurance is included in the payment. But lets say I lease/option it out and a fire breaks out and burns it down? Does the original seller get my insurance check or how does this work? Does this put me in risk? If so how can I make sure I’m the one who gets paid? Thank you all for your time and please help me out on this one.

With warm regards,


Re: “Subject to” Insurance help - Posted by Bob In Indy

Posted by Bob In Indy on May 19, 2004 at 18:25:33:

When you purchased the home, you should have the seller sign two docs that cover this.
One notifys the lender that you will be managing the property and that a new policy will be put into effect (a landlord policy)…the lender is to contact you concerning all matters about the home.
Second, you should get a limit power of attorney so that any docs concerning the home can be signed by you.
That way if a check is cut with the seller’s names, it will come to you (first doc) and you can sign it and cash it (second doc).
Hope this helps,