Who pays for the home insurance when you are owner financing it? Also in the state of Texas what insurance c?
Who pays for the home insurance when you are owner financing it? The seller or the buyer? Also in the state of Texas what insurance companies provide mobile home insurance?
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Answer by Glenn S
The buyer pays to insure the property. Make sure that you as the beneficiary is also named as "additional insured" (lien holder-first mortgagee) on the policy. Also make sure that the coverage is at least high enough to cover the amount that is owed you in case of a total loss.
What worries me is that by you asking this question if you are prepared to carry the financing. I'm assuming that you are carrying the 1st trust deed. If you are carrying a 2nd TD, I would just say be extremely careful.
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