Hello,
I have a question about who should be listed on the Home Owners Insurance Policy.
We are buying a house on a land contract drawn by an attorney. Amongst other rules in the contract it states "buyers must obtain Home Owners Insurance at a minimum of x amount of dollars". We are to deposit our payments into the sellers checking account. Not a problem. Other than depositing the monthly payments, we don't have any ties to this bank. The bank then does an automatic withdrawal for the mortgage payments from the seller's account. The seller has asked us to name the bank on the Home Owners Insurance Policy. Shouldn't it be the seller listed and not the bank on the policy because our obligation is to the seller? She has the loan through the bank. The bank is asking for a copy of the policy.
Thank you,
Sharon
I have a question about who should be listed on the Home Owners Insurance Policy.
We are buying a house on a land contract drawn by an attorney. Amongst other rules in the contract it states "buyers must obtain Home Owners Insurance at a minimum of x amount of dollars". We are to deposit our payments into the sellers checking account. Not a problem. Other than depositing the monthly payments, we don't have any ties to this bank. The bank then does an automatic withdrawal for the mortgage payments from the seller's account. The seller has asked us to name the bank on the Home Owners Insurance Policy. Shouldn't it be the seller listed and not the bank on the policy because our obligation is to the seller? She has the loan through the bank. The bank is asking for a copy of the policy.
Thank you,
Sharon