Insurance Issue With Land Trust?
im sure this has been asked many times before but nothing came up in my search. how would the insurance issue be handled when taking property sub to in a land trust? would you cancel the original home owners policy and get a new land lord policy naming the trustee as main insured? would the bank have any issues with this since they already now the property has been transfered to trust which is perfectly legal? and has anyone done it this way? thank you.
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This may help:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=472
If not, fire away!
Tim
that is a helpful article which i have read many times and u are a huge help on the insurance issue. but im just trying to get some insight on it via land trust. thanks.
The same caveats apply whether "you", a Land Trust, an LLC, or a Corporation own the property. Name the Trust as the 1st named insured, as if you personally purchased the property. The prior owner would/could still be named as the "Additional Insured". Shouldn't cause any issues additionally...
Tim