More details to this question:
I own a home that has a mortgage on, am selling it on land contract, who pays for the homeowners insurance?
2 ANSWERS
You can make your contract say anything you want about who pays insurance. But typically, the buyer takes over responsibility for insurance, taxes, maintenance, etc.
Answered on May 14th, 2013 at 4:38 AM
That is a matter of contract between you and the new buyer. I suggest that you require the buyer to reimburse you for the cost of the insurance and keep it in your name. You should let your insurance agent know that it is now a rental situation.
Answered on Apr 24th, 2013 at 12:22 AM