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Updated over 5 years ago,
The change of insurance with “subject to” transaction
I plan on purchasing a property subject to The existing financing which is a VA loan. My question is around the mechanics of changing the insurance. I'm talking through this… Since the lender will be aware of the title change the existing insurance in the sellers name will no longer be valid in which I will need to have a policy in place under the LLC I'm buying under.
Do I just get a homeowners insurance policy or landlord policy? Then notify the lender with proof of coverage? Or is there a better strategy around this entirely?
I am obviously also trying to avoid them enforcing the due on sale clause as best as can be done.
Thank you in advance!