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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37077
Experience:  16 years real estate, Realtor. Landlord 26 years
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I am owner financing a home. a large tree fell on the roof

Customer Question

i am owner financing a home. a large tree fell on the roof causing major damage. rain came through roof and entire celings have water damage. the ac unit was severly damaged. while it was covered by ins. the amount will not pay the loan off. the check will come in my name and the owners name. how should I protect myself. I am afraid if I sign the check over to him he may leave me hanging.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
If the check comes to both of you, you can hold it and refuse to allow it to be disbursed all at once and require that it be paid out in increments to contractors as the repair work progresses. If the owner refuses to agree to this, then you can simply refuse to give him access to the funds until he agrees to sign the check and use it for repairs with any balance remaining going to him as the homeowner once the repairs are done.
This is what a regular lender would do in a situation like this and only pay out in installments as work progressed.

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