Questions On L.O. Our Own Property
Greetings,
I am in the process of doing my 1st lease-option on my fiances 3+ bdrm house. She refinanced last year and got sucked into an adjustable-rate mortgage by a "friend" that has increased her mo. payments everytime Greenspan hikes the interest rates. She is now paying more than she was prior to refinancing!
So she wants to unload the albatross. Appraised value: $176k which I think is high. She owes $160k now. We have a very interested family who answered an ad and we are showing it to them next Sat. I have already lined up their financing with a credible broker if they pay on time for 12 months if they choose to buy.
What contracts do we need to cover our a** besides a residential lease agreement, seller option, lease w/ option?
Do we keep the current house insurance in her name even though they might not have the possessions to justify that amount that we have?
Any tips, suggestions, advice would be greatly appreciated.
Thanks for your time & sorry for being so long-winded.
Keep the insurance in your fiances name.