Hello. I had an individual in my office yesterday and his company buys home on real estate contracts then rents them out. I'm a newer agent and have never wrote insurance on a real estate contract. I know how to write it as a landlord, the issue is how to handle the existing mortgage and current insurance. I've heard that the sellers need to keep their insurance in place so not to alert the mortgage company (this guy was definitely concerned with that) and I've also heard that it's illegal to do so. And is it the same process for commercial and PC?
I told him that I wasn't the guy for this one because I don't want to get in trouble nor do I want to screw up and cause issues for the sellers.
Any insight is appreciated and thanks for your time.
I told him that I wasn't the guy for this one because I don't want to get in trouble nor do I want to screw up and cause issues for the sellers.
Any insight is appreciated and thanks for your time.
