What are the rights of home buyers that pay the insurance through the lienholder after a fire?
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What are the rights of home buyers that pay the insurance through the lienholder after a fire?
My wife and I signed a contract for deed 3 years ago, paid the downpayment and fixed up the place. We pay the tax and insurance every year to the sellere. It cought fire from a space heater. What are our rights?
Asked on December 13, 2011 under Real Estate Law, Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Your rights with respect to the insurance proceeds resulting from the fire at the home that you presumably are in a lease to buy situation would be determined by the presumed written contract that you have with the seller. If the insurance proceeds issue is not mentioned in the contract, then under state law, the current owner would be obligated to make the needed repairs to the property caused by the fire subject to your approval since you are in contract to purchase it.
Any extra money left over from the repairs would go to the seller assuming the repairs are done properly.
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