Provision As to Life Insurance on Purchaser to Protect S (1)
Provision as to Life Insurance on Purchaser to Protect
When there is a deed of sale between the purchaser and the seller, the seller relinquishes all his claims to the property and it then becomes the property of the buyer. The buyer has all the rights to the property which has been purchased and other than him or her and their immediate family members or the persons they give the right to, no one has any right in regards to the property.
However, this situation applies in most of the cases but not all. There are some cases where the property which is sold consists of either streets, roads or highways which lie in the boundaries. In such situations and in such cases, the entire property belongs only to the purchaser but the public does have the right to the streets or the roads or the highway that runs through the property and cannot be stopped from using it. The roads or the highway or the streets in question cannot be blocked or even have restricted use at certain times of the day or during certain hours.
In cases such as the above, the deed is signed by the seller and the purchaser where the purchaser agrees that the roads, streets and highways which run through the property will be open to the general public.
This document is then signed by the purchaser and the seller in the presence of atleast two witnesses. The document is dated and should the purchaser refuse admission, this can be used against him or her.
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Provision as to life insurance on purchaser to protect seller.
As long as I am not in default in my payments of the purchase price you agree, in the event of my death at any time before I shall have fully paid for _________ that my obligation to pay you the balance of the purchase price shall become satisfied; provided, I have been properly qualified and accepted as a valid risk for special term insurance by a life insurance company designated by you, and you have received standard term insurance policies on my life in the approximate amount of the balance due you on the purchase price of _________ and further provided you have actually received from the insurance company under the policies an amount approximately equal to the balance of the purchase price unpaid at the time of my death; you guaranteeing that you will pay all premiums for the insurance if I am not over the age of purchasers for whom this protection is devised.
It is further agreed that all cash payments made by or for me on account of the purchase price prior to my death shall be retained by you as part satisfaction of this bargain and it is further agreed that I shall have no right to receive the protection of this insurance feature as described above until I have made at least one cash payment on the purchase price, and nothing provided above in the case of my death shall alter the obligations of my heirs, executors, administrators, representatives or their assigns, to pay you the annual cost of upkeep and marketing and your _____% service charges, together with all other charges, as are more fully provided for in this contract.
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