if you come up with a contract to rent a home(rent to own) and well pay it off in a few years.can you rent the home out while your paying rent monthly?
2007-02-14 07:17:50 · 7 answers · asked by derrik 2 in Business & Finance ➔ Renting & Real Estate
I doubt you would make anything , also unless the place is paid for , you would have to disclose it in the rental agreement ,between the current owner and you , if you are on the lease ,and someone else is renting from you that could be breech of contract...also make sure if you rent to own there is something in the contract in the event who you are leasing from passes away .what happens , and file it at the court house, I had a friend who tried to rent to own the owner died , the property was in the deceased name it went back to the estate, and they had an agreement between the two ,and it was notarized it did not matter , there was nothing filed .the notary just witnessed signatures, my friend lost his home... according to the judge all the notarized contract was is a written contract with a witness , the kids inherited the estate, there for the property changed hands ,and they did not want to rent the property out. Speak to a Real Estate lawyer they can tell you more about what you need to do ......be careful
2007-02-14 07:33:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The contract holder and you need to make the clarification. If you sign a contract deed, there typically is not language in the contract that prohibits you from turning the property into an investment property.
Make sure the contract does not proclude this behavior. If it does, you could lose your monetary investment.
2007-02-14 07:31:22 · answer #2 · answered by Culture Warrior 4 · 1⤊ 0⤋
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2016-11-28 02:22:36 · answer #3 · answered by ? 4 · 0⤊ 0⤋
BAD IDEA! If that person that you are renting to own from keeps the property in their name and they do something to lose money the courts will order that the house be sold to recoop some of the money and you will be out the money. DON'T DO IT!
2007-02-14 07:57:30 · answer #4 · answered by Anonymous · 1⤊ 0⤋
That is going to depend on your contract with the current home owner/financier--what does it say?
2007-02-14 07:26:08 · answer #5 · answered by Rahab 6 · 1⤊ 0⤋
That would technically be a sublet, but I don't see why not. You;ll have to check the legal ramifications with the landlord/owner.
2007-02-14 07:35:44 · answer #6 · answered by Year of the Monkey 5 · 0⤊ 0⤋
Such arrangements would be known as "sub-letting". You must have the prior written consent of the mortgage-holder to do so.
2007-02-14 07:29:27 · answer #7 · answered by Dr. J 3 · 1⤊ 0⤋