Wrap: getting Insurance - Posted by Steve (AZ)

Posted by SusanL.–FL on August 16, 2000 at 11:11:07:

My buyer’s got their own insurance policy and put me in first position on their policy.

I then cancelled my policy.

My buyers paid me P&I each month. They paid their own property taxes (which I verified each year).

If the payments are being made to the bank in a timely manner each month, it is doubtful that the DOS clause will be triggered.

Good luck!

Wrap: getting Insurance - Posted by Steve (AZ)

Posted by Steve (AZ) on August 14, 2000 at 01:50:56:

A seller does a wrap with a small down. He has insurance on the building. Do I:

  1. Get my own policy and pay it. (therefore send him just PIT and no I)
  2. Pay him with the mort. payments for the insurance.(problem: my name would not be on the insurance policy and he would probably not want to have me on it because it could trigger DOS)
    Any suggestions?
    Thanks All,