owner financing

[ttaltos]

we purchased a house with owner financing and before the closing at the attorneys, the owner had us sign an addendum that has a special clause that requires us to each carry a life insurance policy in the amount of the loan naming him(the seller) as the beneficiary.This paper was not done at the closing, is this normally done? is it legal?? in florida.

 

[HomeGuru]

That is not illegal.

[Edited by HomeGuru on 06-10-2001 at 02:50 AM]

 

[ttaltos]

is there any legal recourse on this matter? like forcing him to take back his house and release us from the mortgage? the owner has also sent a cert. letter stating he will only take a money order or a cert. check for payments ,we have never given him a bad check, is this legal?

 

[HomeGuru]

No.
No.
No.