No real estate company was involved. No mortage company was involved. We just signed a contract to buy and had it notarized. So, even though we are still making payments can we rent it out as long as the payment to the seller is made?
2006-09-13 10:58:31 · 6 answers · asked by simolianturtle2 3 in Business & Finance ➔ Renting & Real Estate
Of course! It's done all the time! But do review your contract with the seller to see if there are any bars to that in the contract. If there are, consult with a local real estate attorney to see if the're legally enforceable.
2006-09-13 11:09:51 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Normally when you buy a house you get title but the seller (or the lender if it was financed theough one) remain as legal leinholders until the payments are all made.
This means that yes you can rent or even sell it yourself without their being involved, but if you sell it then they must be paid off the full balance before you receive any monies yourself from the sale.
2006-09-13 18:09:18 · answer #2 · answered by Mustela Frenata 5 · 1⤊ 0⤋
Just opinion, I'm not a lawyer, but unless the contract you signed to buy it or the loan you took out on it specifically prohibits you from renting it, you can do so.
2006-09-13 18:07:31 · answer #3 · answered by KnowALittleBit 2 · 0⤊ 0⤋
Are you listed as the owner? (In other words, did the seller deed it to you?) If you own it and you just have a payment agreement, you can do what you want.
If the seller owns it and wont transfer ownership until you pay it off, you need to check your agreements and see what it says-- or ask the owner.
2006-09-13 18:03:44 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I think it may go from state to state on the details, but we are doing the renting here in Idaho...
2006-09-13 18:16:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have title to the house, yes, you can.
2006-09-13 18:05:57 · answer #6 · answered by Anonymous · 1⤊ 0⤋