What are the rights of home buyers that pay the insurance through the lienholder after a fire?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption