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I’m taking over payments on a house threw a contract from my…

Customer Question
I’m taking over payments...

I’m taking over payments on a house threw a contract from my lawyer!! I just got a letter in the guys name that got the loan for the house stating that there has to be insurance on the house or the payments go up cause the will provide insurance?? I’m gonna get insurance but it will be in our name. I guess I wanna know if it’s ok to get insurance in our name and provide it to the lender??

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Indiana! My mother has been taking over payments for years now! She died. So I have gotten everything worked out with my lawyer and stuff!!

Lawyer's Assistant: Has any paperwork been filed?

There the Courts yes. And noterized

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

K

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 3 hours by:
3/14/2018
Real Estate Lawyer: Bill Attorney, Lawyer replied 3 months ago
Bill Attorney
Category: Real Estate Law
Satisfied Customers: 2,417
Experience: Attorney
Verified

Dear Customer ,

Thank You for posting your insurance law question earlier today. I'm attorney Bill following up on this question. To take out insurance you must have an insurable interest in the property, and therefore be a trustee, owner or beneficiary or the guardian of an owner/ beneficiary.

An insurer won't allow you insure the property otherwise and so long as you have this interest as explained you can insure the property.

There is no obligation to insure unless by loan, contract or deed you have agreed to; then you are legally obligated to insure the property.

If you have a copy of the letter you can send it into me here for an additional review.

Just let me know

We are here to help so please follow up with me as required.

In return remember to rate my response and answer positively today.

I'm an independent legal expert and get a credit for my time after you leave positive feedback.

You do this by rating 5*****, 4**** or better.

FIVE STARS or your rating is much appreciated.

Best

Attorney Bill

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