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Rent to Own House Contract

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Old Aug 4th, 2007, 02:13 PM     #1
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Confused 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.
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Old Aug 5th, 2007, 01:31 PM     #2
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Default Re: Rent to Own House Contract

Click Find a Lawyer at the top of the page. If you have any problems let us know here as well.
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Old Aug 5th, 2007, 01:32 PM     #3
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Default Re: Rent to Own House Contract

You do need to have that reviewed and revised based on what you say here. Those issues should indeed be addressed.
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