If you put on the market a house on come to rest contract, who pays the home insurance?

Do I still have to carry the insurance on the home since the loan will still be beneath my name?
Answers:
READ the contract
it's usually spelled out clearly
In most states it is the creature whose name is on the deed or title i.e. the legal owner of the property and has the court insurable interest in the property. Until your name is rotten the documents that indicate ownership, you would be the person who is ultimately responsible for keeping up the insurance payments. As long as you have some ownership contained by the property you need to keep up the insurance to protect yourself from a loss.

You should not have to fetch insurance because the person purchasing the land contract have to have insurance with your lender on their policy as mortgagee within case of loss. Source(s): I purchased my first home on a land contract. Loan officer for 4.5 years.
Who get pounded if the house/dwelling gets damaged? he/she pays the insurance.

or

The personality who is still paying the loan.
You will hold to carry the homeowners insurance if you are paying a loan on it. Your renters will have to purchase renters insurance.

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