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It is wise to address such matters before the contract is signed. This is dictated by the terms of the contract the parties agreed on. If you've already signed the contract then you will just have to read the contract to find out.

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βˆ™ 2011-10-09 07:28:12
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Q: Who is responsible for home insurance on Land contract?
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In a land contract.who is responsible for home owners insurance?

Nobody. Homeowners Insurance covers Homes not land.


Who pays the insurance on the home when its owner financing?

Property insurance is traditionally paid for by the buyer and is part of the mortgage financing contract. The property insurance is to cover the home and must name the mortgage financng entity as a co-insured mortgagee. It does not matter who does the financing.


Does a land contract qualify a first time home buyer for the new tax credit?

Does a land contract qualify a first time home buyer for the new tax credit?


Can you get liability insurance on land only and not on a home?

Yes, Land owners can and regularly do obtain insurance to cover potential liabilities


What are good and reliable home insurance companies?

Home owner's insurance is a contract that allows coverage if an accident(s) occurs in a lifetime to one's home. They are many insurance companies that have good and reliable contract for home insurance. Your preferred price, benefits, and coverage's (among others) will be key facts in choosing your insurance provider. Some companies I believe may have good and reliable coverage are: State Farm, Progressive, Liberty mutual, and Giego.


Do you have to pay for a mortgage on a mobile home left to you by your parent or can you let the lender take it without taking the land it is on?

You would need to look at the contract. Often a mobile home contract is secured by the land it is placed on. It may be that you cannot default on the mobile home without losing the land.


As a son are you responsible for your mothers rest home balanceshe has no estate?

Unless you signed a contract agreeing to be responsible, your mother's estate is responsible for her debts. If she has no estate then her creditors are out of luck.


Can a creditor put a home on foreclosure due to not having home insurance?

Yes, Maintaining your Home hazard Insurance Policy is a requirement of your Mortgage Finance Contract or Note. Failure to maintain adequate Property Insurance is a default of your agreement with the mortgage company.


Is insurance responsible for the coverage of a condemed home?

No, A condemned home is not insurable. The homeowners insurance policy becomes null and void the moment a home is condemned whether the insurer has been notified of the condemnation or not.


How long do you have to file a claim on your house insurance in va?

You will have to check your home owner's policy. It is a contract that you have with the insurance company and will specify how long you have to file a claim.


What type of home business would invalidate a home insurance policy?

Any type of home business that has been concealed from the insurance company could invalidate "all" coverage under your homeowners insurance policy.Your contract with your insurance company will require that you disclose any home business operation when you apply for or renew the policy.


Can you legally stop paying on a mobile home if the land is not yours?

If you signed a contract to buy the home you can not legally stop paying. -No matter WHO owns the land it's on.

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