contract for deed

[stormy1973]

What is the name of your state? IL

If I have a contract on a trailer showing the exact make, model and vin # of that double wide trailer and am selling it contract for deed what obligation do I have to the purchaser in the event of an electrical fire to that trailer? Am I obligated to use the entire money received from the insurance company, even though the trailer was not worth that amount or is the contract null and void since that trailer no longer exists?

 

[divgradcurl]

What is the name of your state? IL

If I have a contract on a trailer showing the exact make, model and vin # of that double wide trailer and am selling it contract for deed what obligation do I have to the purchaser in the event of an electrical fire to that trailer? Am I obligated to use the entire money received from the insurance company, even though the trailer was not worth that amount or is the contract null and void since that trailer no longer exists?

Who owns the trailer right now? Has the title exchanged hands?

 

[stormy1973]

Contract for deed

I have the title currently and it is in my name. Nothing has been signed over to anyone until the contract was paid in full, which wouldn't happen for about 8 years.