Insurance

[Clee]

Jurisdiction

Iowa

I sold a house on land contract and the buyer bought homeowners insurance. Should I buy a policy as well?

 

[army judge]

I sold a house on land contract and the buyer bought homeowners insurance. Should I buy a policy as well?

A land contract isn't a sale, it's closer to a lease, because the buyer is actually renting your home.

You have a very deep interest in your home, because you own it.

You might want to research what a land contract is, or even visit an attorney to obtain a better understanding.

If you're smart, you'd always protect your property.

 

[adjusterjack]

I sold a house on land contract and the buyer bought homeowners insurance. Should I buy a policy as well?

Yes.

If anything happens at the house, he gets protected from a lawsuit, not you.

If anything happens to the house, he gets paid, not you.