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Home Buying in 01772 : Real Estate Advice

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  • Local Info0
  • Home Buying3
  • Home Selling0
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Activity 3
Wed Mar 12, 2014
Nancy Butterly answered:
It's really what the buyer and seller agree to. This amount is usually somewhat above the average
rental in the area. In this market I would recommend that you talk to a lender and see if you don't
qualify for a mortgage. If you have had bankruptcy in the past there are lenders who will now
work with this. Rent to own are tricky.....at the least hire an Attorney to review any documents you
may be given by the seller to sign. Best of luck!
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Thu Apr 22, 2010
Matt Heisler answered:
The current owner has the bulk of the responsibilities. Yours fall into a couple of categories:
1) What happens if he can't deliver? Permitting, Construction delays, etc: Make sure you're covered.
2) What are you buying? If it's not in your contract, or referenced somewhere, it's optional. He could decide to not do it, alter it, charge you for it, etc. It sounds obvious, but its not.
3) Understand the other units and the owners role: will he be contributing to the capital reserve while the other units sell? Is he the voting majority? Can he rent the units? Again, be clear about what his options are, and get it in writing!
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Thu May 8, 2008
Angela Clark answered:
Also, what you also have to take into consideration from a sellers standpoint is the tax implications. Remember, to avoid capital gains tax (if any) the owner must have lived in the property for 3 of the last five years. Also, there MIGHT be a minimal rental amount that must be charged. Consulting a tax attorney is probably best route to go before entering into a rent to own agreement. ... more
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