Buying On Contract From Owner
i want to buy a house from my friend. she only wants to be out from under her payments. my question is this, is it legal for her to sell me her house this way since she still has a mortgage. I am told that it is but I just want to make sure. What type of contract do we need to use. The plan is for me just to take over her payments. I appreciate any advice I can get.
Your Contract with the Seller should require that you be added as "additional insured," which grants you liability protection.
[addsig]
The additional insured endorsement should suffice. If you have any ownership interest, however, be certain to have your corporation named as a primary insured...
Thank you all for the replies, I think I will try a different agent
Thanks again, Ted