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    teresa smith's Avatar
    teresa smith Posts: 1, Reputation: 1
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    #1

    Jul 13, 2008, 01:05 PM
    Owner financing real estate
    I own a mobile home and I want to owner finance it. How do I determine the amount of interest to charge and do I need an attorney since the property will legally still be in my name.. can I demand that tenant insurance is maintained even though I will have property insurance?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jul 13, 2008, 02:15 PM
    Hello teresa:

    Yes, you're going to need an attorney, and yes, you can demand anything. Your home owners insurance isn't going to conflict with the tenants renters insurance. But, his renters insurance isn't going to cover your house.

    THIS is why you need a lawyer - to explain your rights and to write an agreement that protects them.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jul 13, 2008, 02:43 PM
    Do you have to use an attorney ? No Should you have an attorney, yes. The trouble here is that since you have to ask the question you know you don't know the laws for your area and they can be complicated.
    You want to keep your own insurance, since it can be weeks after their laspes before you are notified, but you can have a high deductable if you want but it will be higher because it will be considered a rental home

    After you have one done by an attorney if you have to re-sale it latter you can use the original one as a pattern.
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