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Who is responsible for the property insurance on a Rent to Own/Lease Purchase contract?

April 26, 2017contract lease property insurance purchase rent responsible

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Who is responsible for the property insurance on a Rent to Own/Lease Purchase contract?

1 Answer

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During the Rent to Own/Lease Purchase period the insurance on the home is paid by the owner of the home. The buyer/tenant should have renter’s insurance until they take ownership of the property.