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ErikOk

Eminent Domain or Disaster

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We had some homes around my area that became subject to eminent domain due to widening of a highway. So this got me wondering, What would have happened had one of these houses had a LO on it that I had taken an assignment fee or even a sandwich lease option.

 

I looked through the NI manual and didn't see any section regarding if eminent domain, or even a fire or natural disaster occurs to the house. I can see how this could be a concern to myself (if a sandwich lease) and a tenant buyer. I am sure at some point the question will come up, "What if the house burns down?"

 

So, have any of you had this happen, and what is a solution?

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I had a house that caught fire, but was put out, so the owner's ins. paid for the repairs and the TB paid the deductible since it was their care that caught fire.

As far as enema domain...er...same thing....that would be a situation of no set answer, as nothing you put in the contracts would really cover that, as the the buyers would need to be compensated and that amount would need to be figured into what the owner's got from the state for their property.

So..depending on the house and people, it could actually be a mess if it happened, thru no fault of your own, but what if an agent leased a house that was purchased afterwards thru ED?

Same thing, just in this case there would be an option fee, not a deposit to repay from the owners which they would figure into what they request from teh state, but the state is just going to tell them how much they are paying to the owners anyway.

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'enema domain'...sounds like a horror movie staring Britney Spears...

:lol: Good one Jake. I tried the Like button but still must be in the works.

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'enema domain'...sounds like a horror movie staring Britney Spears...

:lol: Good one Jake. I tried the Like button but still must be in the works.

Try it now, Steve. The mighty Admin is tweaking things behind the scenes as we speak.

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'enema domain'...sounds like a horror movie staring Britney Spears...

:lol: Good one Jake. I tried the Like button but still must be in the works.

Try it now, Steve. The mighty Admin is tweaking things behind the scenes as we speak.

Hey it works!

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