Q: We are a family trust trying to sell some vacant lots. Must we have the lots insured in order to sell them ?
A:
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You question is a bit unclear to me. If by insurance you are referring to liability insurance coverage, the answer is no -- having such insurance is not pre-requisite for sale. However, most sophisticated buyers would require the seller to provide title insurance at the time the property is purchased. Be sure to consult your own attorney to protect your legal rights.
A: I assume that you're referring to an owners policy of title insurance when you sell to the buyer. Yes, you will most likely have to provide clear and marketable title through an owners policy of title insurance in order to sell them.
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