We are currently doing articel of agreement on a house that has everything escroed into the mortgage meaning insurance taxes and mortgage. I...

Question

We are currently doing articel of agreement on a house that has everything escroed into the mortgage meaning insurance taxes and mortgage. I guess what I want to know is what do we do about the insurance part do we purchase our own insurance or pay the insurance throughthe article of agreement?

Answer

Is a Realtor involved? The words you are using are not the usual words in a purchase and sale, so it would be hard to explain how such a transaction works. You shouldn't be signing anything you don't understand.

Who is lending the money that is secured by the mortgage? Are you buying the property, or is it an installment purchase?

This sounds like the kind of transaction that will become a problem down the road. Consult a local real estate lawyer before you put a lot of money into someone else's pocket and don't have any protection for your investment.

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