Posted by jimi on October 13, 2009 at 07:33:30:
In Reply to: Re: Insurance in a wrap- maintain it posted by Michael Morrongiello on October 13, 2009 at 00:59:45:
In some of Pete F's paper work he includes the following insurance clause for a sub-2 transaction:
"As consideration for this purchase the seller will assign all insurance policies on the property to the buyer and the seller will grant a limited power of attorney to the buyer to deal with the property, the lender and all insurance providers."
I'm curious if any of you have experience in "assignment of insurance interests". Pete's in Florida, so maybe it's a state-by-state thing. Are hazard insurance policies easily assignable? Your thoughts on this approach? Strengths/Weaknesses?
Thank you!
- Wraps and Hazard Insurance Michael Morrongiello 12:10:28 10/13/09 (1)
- Re: Wraps and Hazard Insurance jimi 12:39:12 10/13/09 (0)