Is Your Deal Insured Correctly?

[Phil Workman]

Hi all, 

I wanted to post in this forum to bring awareness to how your Contract for deed or lease to purchase properties are insured. 

It's my experience as an insurances profession that agents often do not write policies correctly with this type of transaction. 

If any of you have any questions and live in GA, NE, IA, KS, or MO please reach out and I'd love to answer them for you. 

Regards,

Phil

[Phil Workman]

@Joe Splitrock Thank you for your response. It's mostly the agents that make mistakes.. For example if you do a contract for deed and transfer deed to the buyer...the buyer is now the insurable interest, not the seller who is now the "bank"- seller now becomes an "interested party"...However, it's my experience that these policies don't get updated thus there's a huge exposure...

 I called out specific states as those are the states I'm licensed in. 

I see you're from Sioux Falls, SD... I am from Brookings originally and lived in SF for 6 yrs. 

Thank you again for your response.