Contract For Deed ( Tax & Insurance)
I am thinking about selling my primary residence (CFD). Is the new occupant typically responsible for taxes & Insurance or is that something I maintain. I am contemplating a 2 year or 30 month baloon. I plan on involving a competent lawyer in this transaction but I would like to get a few of the details out of the way. Thank you.
Its your choice, but "yes" customarily
Thank you for the response.
I was also wondering if I do a contract for deed (2 years). I would like to try to get the price in 2 years (appreciation) i.e. the house is currently worth $200K and the area is appreciating at 12.7% a year. In 2 years it should be worth roughly $250K. Has anyone been able to do this? It looks like people who L/O build in some appreciation. Can I sell my house for $50K over FMV on CFD?
Thank you
If "you" own the property, "you" should insure it. Pass the cost to the new occupant, but not the insurable interest (they should carry renters insurance) until they own the property. You want the primary policy benefits until then...
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