Owner Financing

[Jessica Weiler]

Hi everyone! I own a property in my IRA and I am offering seller financing to the buyer. This will be our 1st time doing owner financing. We have questions about having the property insured. I know that the buyer is supposed to have insurance on the property, but is there a way to hold them accountable? We have concerns that a buyer will not get the insurances needed....If a disaster happens and they walk away we'll be left with a huge loss. Is there a type of insurance that we should require the buyer to have? Is there any type of insurance we should get ourselves? We are very new to all of this and any advice on owner financing would be great!!