Q: I have a property for sale (as-is) with an uninhabitable house. The interested buyer wants to do a Lease 2 Purchase agreement. Do I as the seller have to have Insurance on the property, or can this be avoided in the
contract?
A: If you still own the property, you will need to have insurance. At least liability insurance to cover the rest of your assets in the event something happens (like an injury or worse yet, death). Contact your insurance agent & see what coverage he recommends. After that, I suggest getting an Attorney to help with the lease option paperwork – for your protection.
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