Foreclosure in Rio Linda>Question Details

Alfonso, Renter in Centralia, IL

ive been renting 11 years is there a law in what i have spent toward buying it?

Asked by Alfonso, Centralia, IL Tue Oct 18, 2011

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Alfonso, great concept. With the economic uncertainty, anything is possible in the future (we may be headed that way but, to my knowledge, we are not there now, lol). The closest concept to that which exists currently would be rent-to-own or lease-to-own. So, unless you had a prior contractual agreement with the owner to rent for later purchase, in the state of California, I don't believe there is such a "law".

Now is definitely a great time to consider owning/purchasing. Especially since it is on your mind. Find a reputable loan officer and start there.

My best to you!

Keisha Mathews, REALTOR
Century 21 Landmark Network
1 vote Thank Flag Link Tue Oct 18, 2011
You have rented for the "right of occupancy" not for anything above or in association with buying. When you rent you are simply doing that. The property owner is under no obligation to sell you the property, credit any rents you paid to the home if he decided to sell it to you or anything besides maintaining a home you can live in and allowing you to live there undisturbed until either one of you decide to end your tenancy.

Its the reward for the risk, you rented and its limited to that. Maybe now is the time to decide to look into purchasing a home.

Best of luck

Bruce Slaton
Web Reference:
1 vote Thank Flag Link Tue Oct 18, 2011
Did you sign a contract saying anything you put towards buying it with the rent?
Or did you assume that being a good renter you might just get in on the profits from the nice guy or gal who owns the place.
Here is what you can do,...
You can go to a local loan broker and ask them if you qualify for a home. bring your tax returns and your income info along with your last couple of months bank statements and see what you can afford to buy. Then ask a local agent to show you homes in the areas in your price range where you want to live. Perhaps thirty years from now, you can own it outright.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Tue Oct 18, 2011
There are "standard" leases that give the renter the right to use the premises during the lease term while the rent is paid. These do not convey any ownership rights. Those are the most common type of rental leases.

Occasionally, you hear about people who have "rent to own" options added to their lease. These are also known as "lease option to buy" or "lease-purchase" or "rent to buy" These are not common, but you'll see them advertised.

As a citizen conducting everyday business in your everyday life you (and the other party) make your own rules when you and another party enter into a contract. That lease contract that you and your landlord agreed to is "the law" - unless your city or state has a bigger law that overcomes the contract. Type "contract law" or "the law of contracts" into a search engine to learn more.
0 votes Thank Flag Link Tue Oct 18, 2011
Jim Walker, Real Estate Pro in Carmichael, CA
The law of "opps, I could have been buying." If you qualify for a mortgage, don't wait a minute longer. Meet with a good local lender and then a great local agent and buy yourself a home. Prices & rates have never been more favorable for a buyer.
0 votes Thank Flag Link Tue Oct 18, 2011
There is no law like that. You have the right to leave at the end of your lease and purchase a home. Hope you decide to do just that.
Web Reference:
0 votes Thank Flag Link Tue Oct 18, 2011
Sorry Alfonso, i do not know of any law. Had you purchased you would have over 1/3 of the mortgage paid off
Web Reference:
0 votes Thank Flag Link Tue Oct 18, 2011
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