I am closing on a land contract purchase in a few days and I have the option of purchasing Closing Protection Coverage which covers 1) Theft, misappropriation, fraud or any other failure to properly disburse settlement, closing or escrow funds; and2) Failure to comply with any applicable written closing instructions, when agreed to by the licensed agent.This is in addition to my normal Title Coverage.Has anyone purchased this coverage?

Property owners must comply with all the rules in both sections to qualify.APPLICATION OF SECTIONS 121 AND 1031If a property owner has owned and lived in a principal residence for at least 2 out of the last 5 years preceding the sale of the principal residence, $250,000 if filing as a single ($500,000 on a joint return) of the gain from the sale, except for any depreciation taken on the property since May 6, 1997, can be excluded.

Currently i require: non-smoker,income 3x rent with pay stub verification, no bankruptcy/felonies/evictions, 5 years rental history/good references, employment verification, submit to background credit check (i don't have any set policy on minumum credit score yet),1st month payment and security deposit due at signing, must comply with online payments. 

If you're thinking about running ads on FB, make sure you comply with the special ad category rules for "housing".

Your best bet is to have an attorney prepare the contracts for you so that you know they’ll comply with your state’s laws and work for your specific situation. 

You are also to comply with reasonable requests from your lender, any inspector or appraiser, any title company or closing agent and you contract likely has recitals concerning your performance as to usual, customary and acceptable cooperation to accomplish a timely settlement, often with time being of the essence.

Also, the servicer cannot start the foreclosure process if a loss mitigation application is pending.If you submit a complete loss mitigation application to your mortgage servicer after the foreclosure has started, but more than 37 days before a foreclosure sale, the servicer must stop the foreclosure process until: the servicer informs you that you are not eligible for any loss mitigation option (and any appeal you make has been exhausted)you reject the workout option that the servicer offers to you, oryou accept a workout, but fail to comply with the terms of the deal (such as not making payments during a trial modification).Now...that's the law, but let's talk about reality.  

After that I can legally start eviction if they do not comply I no longer do yearly rentals.

There is a big difference between someone who purchases an $80,000 double wide brand new for cash, or is able to qualify for financing, moveit to your park and pays lot rental, and someone who pays $450 per month on a lease to own of a 10 year old single wide trailer.3- Selling the mobile homes and carrying the paper means complying with the mortgage provisions of the Dodd Frank Act, as to disclosure, interest rates, licensed loan originator, etc.  

Only had to give out a notice to comply or quit once and it was clear they were leaving so I gave it right away.