I signed a rent to own agreement for 3 houses on one property. The owner conveyed that rental income potential is $1500 per month. My move-in date is 3-1-07. The main house had a fire & must be gutted & completely rebuilt. I must stay in little house which was to be one of the rentals,thereby no income from that. Owner has offered to discount price another $11,600 but that does not cover cost of rebuilding or lost income from rental. The attraction to the property was the rental income covering most of mtg.pymnts.$2200 per mnth. All is up in the air now. Anyone with similar experience? I would sure appreciate any thoughts/advice.
2007-02-17 23:22:29 · 5 answers · asked by Lori 1 in Business & Finance ➔ Renting & Real Estate
In my rent to own agreements, there is a paragraph that details exactly what you are talking about. If the property becomes uninhabitable due to fire or other unforeseen circumstance; or if for some reason the owner can not let you occupy the property, then the agreement can be either renogotiated or terminated.
Rather than taking a reduced price, I would want a reduced rent until the other unit is able to be lived in. If that scenario isn't going to fit your needs, then you should be able to get your money back.
2007-02-17 23:58:13 · answer #1 · answered by ga_rei_guy 3 · 0⤊ 0⤋
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2016-09-09 19:23:42 · answer #2 · answered by Sandra 3 · 0⤊ 0⤋
Your contract has materially changed due to the fire and is therefore, no longer valid. You will need a new contract if you intend to go through with this.
The owner needs to reduce the price by whatever the value of the house that burned is. If he doesn't, then I would walk away. It's a crappy deal.
I'm not a fan of "rent to own" to start with. The only one that makes money on them is the owner. The poor sucker that is trying to buy the property ends up in the hole.
I would strongly suggest you talk to a real estate attorney.
2007-02-17 23:57:14 · answer #3 · answered by Faye H 6 · 0⤊ 0⤋
Here's your big question. If you are doing rent to own PLEASE make sure that in the contract there is a stipulation that the seller is required to sell to you upon completion.
The option to sell/but extends both ways, so if you put all that money into the place and at the end of the term of applying rent to down payment or whatever your contract is, the seller can change his mind also and say that he's decided not to sell, so you are out all the costs of repair.
2007-02-17 23:52:05 · answer #4 · answered by Ann S 3 · 0⤊ 0⤋
My husband died and that i remaried 31 years in the past to my present day husband. he's 87 yrs,15 yrs my senior, with 8 grownup babies. We the two stay jointly in an identical apartment 25 years. He has dementia and is unmanageable. My stepson is his ability of criminal expert. Who has the main appropriate to choose for while my husband stay in a senior domicile. i'm so under pressure with seeing himlike this
2016-11-23 16:23:48 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Rent-To-Own Homes : http://RentToOwnHome.uzaev.com/?HBGb
2016-07-12 12:03:46 · answer #6 · answered by Carol 3 · 0⤊ 0⤋
you did this all on your own...
it should be in your contract............
get a lawyer......you would have needed one anyhow to close...
you may have damages due to you....
good luck........
2007-02-18 02:37:04 · answer #7 · answered by m2 5 · 0⤊ 0⤋