I apologize for how rude and brash the question is, but there's really no other way to ask.
My boyfriend and I are looking into possibly renting a home from a older man (in his 70's or 80's, I can't remember). I'm just curious, because I'm completely new to all of this, what would happen to us as far as financial responsibility if he were to pass on while we were renting the home.
Would we be stuck with the remaining mortgage payments if the house is not paid off?
If the house is paid off, we would legally (through our lease) have rights to remain in the house? Or would ownership be left to his next of kin?
Thank you for taking the time to answer my questions!
2007-12-19 01:03:49 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
*** Follow up question: When the ownership passes on to the next of kin or the like, are they allowed to force us to move out before our lease is up?
2007-12-19 01:22:32 · update #1
If the owner of the home passes, the renters are not in any way responsible for the home mortgage or taxes or utilities. If you have a lease, you would continue to pay your rent to the home-owner's next of kin. If you do not have a lease, or once your lease expires, then it's up to the heirs whether they want to continue to let you rent.
2007-12-19 01:07:15 · answer #1 · answered by kja63 7 · 4⤊ 0⤋
kja63 has it right. If the gentleman passes, the home ownership passes to his next of kin. You do not have to pay the mortgage, nor have any other financial responsibility aside from the remainder of the lease you signed.
The next of kin must honor your lease as it was set up. The only other thing they can do is to ask you if you would move out (or become such a pain in the butt until you choose to move out). They can offer you financial compensation or not, but if you agree to mutually terminate the lease, neither of you will have any further obligation to the other.
I'd probably take my chances in renting the home and not worry about whether or not he's going to pass away.
2007-12-19 01:35:54 · answer #2 · answered by trblmkr30 4 · 2⤊ 0⤋
No, you couldn't be stuck with the mortgage payments. You would still be responsible to pay your rent which would go into the estate. The estate would then pay what bills needed to be paid. You could stay there until completion of your lease, or until the estate was ready to be divided up, and most probably sold.
2007-12-19 01:09:10 · answer #3 · answered by lladnylnavillus 3 · 2⤊ 0⤋
The estates right to force you out would depend on which state you live in. As most estates are sold in order to split the inheritance you are usually required to vacate, but you would still be given a 30 day notice.
If he is in his 70's I would not worry about this, even 80's.
2007-12-19 05:34:07 · answer #4 · answered by Landlord 7 · 2⤊ 0⤋
It would more then likely be given to a family member then they will make the decision to either still rent out the property to you or sell it...
EDIT: No you are able to complete your lease!! They legally cannot force you out!! Just not re up the lease when it is over!!
2007-12-19 01:07:50 · answer #5 · answered by Wendy 7 · 2⤊ 1⤋
the house is part of the estate of the deceased and goes to his beneficiaries. They then get to decide if they want to terminate your lease or continue on. They should give you reasonable notice if they are going to terminate your lease so that you can find a new home.
2007-12-19 02:15:46 · answer #6 · answered by Invisigoth 7 · 0⤊ 0⤋
The home would belong to the estate of the landlord. You would not have to pay off the mortgage, the house would not belong to you. The executor of the estate would determine if you would continue renting the home or not, your rent payments would go to the estate.
2007-12-19 01:07:53 · answer #7 · answered by catywhumpass 5 · 3⤊ 0⤋
ownership would be left to his next of kin, who would then make the decision to continue renting the house out or selling the house.
2007-12-19 01:07:38 · answer #8 · answered by tara c 2 · 2⤊ 0⤋
The property would go to the next of kjn..possible probate, you would not be responsible for the mortgage. Who knows, he may out live you!
2007-12-19 01:10:17 · answer #9 · answered by Q-T 2 · 0⤊ 2⤋