When you do owner financing, who is responsible for......

When you buy a house and then re-sell using owner financing, who is responsible for…
Fire insurance

:cool i think you covered this in your other email?? AS well recived a answer there as well ?? BUT to tell you here it is the buyer as it is there home now !! WHY would you pay it and have it and the repairs done on someone elses home ??

Don’t be mean :anon
I mostly was wondering about the fire insurance. What if the new buyer doesnt get fire insurance and then the house burns down?
I would be out a house and have to expect them to still keep paying the balance of thier contract?

same situation as a bank lending on a house. you get insurance on your property and the bank is a named insured on the policy, a requirement of your mortgage. you should have language in your loan docs to the new buyer that requires you be a named insured on their hazard insurance policy.

:cool SORRY you took it as mean was just asking you as i thought you had ?? BUT back to the fire thing when you sell on owner finance , you can put anything you want in the contract !!! SO this being said you can put in the buyer has to have full and complet coverage for the term of the contract , and then spell it out !!