Do I need P&I, renters and landlord insurance for amortization?

This really is not a mortgage related issue or question. Your situation is unique and you are probably better served by asking an attorney because it sounds like you might have an existing contract with the builder and other factors that complicate the situation.

It sounds like you're in a modified lease to own or rent to own, rather than a land contract.. a true land contract is a contract for purchase where the seller is financing you, in which case you're not renting, and he's not a landlord, so even if an insurance company where to offer you the insurance, any claim you might have against the insurance would probably be denied since your purchasing the home not renting it.. You should really seek out the advice of an experienced real estate attorney and let them review your paperwork.. the $200 or so you spend upfront could potentially save you thousands by buying into a deal where you don't understand the terms... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

In a land contract, you are likely to get burned. Here is a simple example of how they work. Let's say you want to buy a home (and land) or just a plot of land for $50,000. The terms you agree to are $421.93 for 180 months at 6.00%. When you make the 180th payment the contract is paid off. Here is the problem... Title stays in the name of the seller until all monies due on the contract are paid. Let's say you get sick in 5 years and end up in the hospital for a couple of months unable to work and you have no other income. You don't make payment #60. The seller notifies you that you have forfeited your rights under the contract and moves to re-take possession of the property. No foreclosure and in most states you have little or no rights or recourse. As for the requirements of the builder, the answer is probably NO, but maybe. The best advice is that you have been given here from others... Seek guidance from an attorney so you can protect your rights, and don't use one suggested by the seller. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

I agree, I would consult an attorney. Good luck!

$300 a month on a land contract (depending on how much you put as a downpayment) regardless of how it is broken down sounds like a deal. Seems like he is making sure he is protected which makes good business sense. You're probably lucky to have been able to work this out but definitely have your own attorney (real estate specialist) look over the contract before finalizing.