Rent to Own House Contract
This is a discussion on Rent to Own House Contract within the Other Real Estate Law Matters forum, part of the REAL ESTATE & PROPERTY LAW category; I am trying to get into a rent to own house in California. I have received the contract from the ...
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|Aug 4th, 2007, 02:13 PM||#1|
Join Date: Aug 2007
Rent to Own House Contract
I am trying to get into a rent to own house in California. I have received the contract from the mortgage company (who has a BBB rating of AA), but I haven't been able to find an attorney (who is not on vacation) to review it.
My major concern is that the contract is too vague. This may be a legal thing, but I would like things written in general terms as well. Like an non-legal translation or something.
This is what seems to be missing:
The value of the home right now (supposed to be $360,000)
An extension on the rent to home for an additional year
A statement saying that they pay appraisal and inspection fee
An explanation in the addendum that specifically says that if I opt out in three years, they will not charge me the downpayment (10%) which they are intially covering. It does say that I can give the property back to them and they take financial responsibility, etc.
I don't really want to buy the house in the end, unless I stay in California. I'm here for three more years and want a stable place to live where I am in charge. I have told them this. My main concern is not paying anything (except repairs) out of pocket at the end of the agreement. If I don't get money back, that's fine. The equity shares person said I would have to pay back everything that the company put in, then the mortgage guy corrected her and said the house has an addendum. Now I am unsure.
What terminology would I be looking for that says that.
|Feb 28th, 2010, 03:48 AM||#4|
Re: Rent to Own House Contract
The previous unregistered user should consider placing commas around "indeed". I'm sorry, I am intoxicated and meticulous. However, it is true that you need to have your contract revised by a legal representative. You could , potentially (nice example of the proper use) , be bound to terms which are not within the realm of your liking. These "rent to own" agreements vary, both by the owner and the official state law, so you never know what you are dealing with. Though it may seem a simplistic term and agreement in the foreground, it could also mean your financial demise, should you opt out before the appropriate time.
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