OfflineHi Everyone!
I am needing some advise. I have a lease option deal pretty well locked up. What I am wanting to know is what do do about the homeowners insurance?? What has anyone else done?? Who is the benifisiary and who pays it?? I am really excited about this lease option, because I really fell we are helping her she was crying and hugged me. that was so moving.. I have probably posted this in the wrong place but. I have got to try.
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"Don't tell me I can't, Tell me how I can."
I cannot tell you for certain (I've never done a lease option), but I would imagine whoever holds the deed/title/lien on the property is going to be the beneficiary. For the leasing party, they are simply renters in the simplest form up until they exercise their option to purchase. They will want to carry renters insurance to cover any theft, liability and such, but the the actual owner of the property should likely carry homes owners insurance on the property against damage/hazard and supplemental liability.
-J
that makes sense, I was thinking I had to have this in my name but I really don't. Sometimes too much thought can slow you down
Donna
"Don't tell me I can't, Tell me how I can."