Insurance for Property

on a Land Contract

Purchaser / Seller Under Contract

Property being acquired through an agreement where the deed does not transfer when the purchaser takes possession and use of it is often said to be a land contract sale, prepossessions situation, or a purchaser and seller under contract arrangement. There are probably other terms for this type of thing.

The facts of all of these situations seem to always include these circumstances:

• Seller does not give up or transfer the real property deed to the buyer.

• Therefore the seller who remains the deed holder may be help legally liable for all activities at the location.

• The deed holder is still has an interest in the property equaling the remaining amount due to him on the contract.

• Purchaser takes possession of and makes use of the property.

• The buyer now has contents there and has a financial exposure to loss of the contents at the property.

• The buyer usually repairs and upgrades the buildings at the location.

• The buyer is now legally liable for anything that may happen at the property.

The trick is to find an affordable way for all parties with interest in the location to be protected. Many times multiple policies are written to take care of this. DRickard Insurance has insurance companies that will write one policy to cover all of these concerns. That saves everyone money. Call DRickard Insurance for details of these policies at 607-843-8860 or email us at insurance@drickardinsurance.com You may also choose the link that serves you best based on your individual need.

Click here for Homeowner's Insurance Under Land Contract.

Click here for Income Property Under Land Contract.

For occasions when the your own business or a purchased business will occupy the property choose your business from our directory of businesses served.

Or, to save you time digging around in our website, please contact us insurance@drickardinsurance.com or 607-843-8860.