Question on Contract for Deed deal in NJ

[Chris Masons]

Hi guys,

I am about to close on my first CFD deal here in NJ and had a question. Title is staying in my name until the note has been paid in full. I am financing him and continuing to pay my existing.....

MY question is, for now the homeowners insurance is in my name which he will be paying, is there any way I can get the Homeowners insurance out of my name and into his name? I am thinking not b/c legally he has no interest in this property. He has equitable interest via CFD contract and I continue to hold title (legal interest) This contract is not getting recorded at the county etc... So I am thinking insuranace will have to stay in my name for time being?

What do you think? Do you think there is great risk in doing this?

as always thx in advance!

Chris