Can anyone tell me what would happen if I lease optioned a property with the intention to buy and during the option period the property suffered an insurance mishap and was leveled.eg fire, flood etc.
I take it that during a lease option, the owner would have the insurance on the property still as we don’t quite own it yet.
Thankyou
ScullyI think lease options would be the same as normal rentals. The landlord should have their own insurance which would cover this. You are just renting with the option to purchase at a later date.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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