Updated over 4 years ago on . Most recent reply
NNN purchase insurance transition
I am currently under contract to purchase a single tenant, Advance Auto Parts building. The lease calls for the tenant to have property (and liability) insurance on the property in their name and list the landlord as an additional insured.
Despite this being in the lease, the seller has his own policy.
We would prefer to not take out a policy and would rather just be named additionally insured.
For those of you that have purchased NNN properties...what does that transition look like? Did you have to provide the bank the tenants current policy and get yourself added after closing or did you have to reach out and get added prior to closing?