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02770 : Real Estate Advice

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  • Home Buying1
  • Home Selling0
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Tue Aug 7, 2012
Justin Phillips answered:
Find out here... http://www.didsomeonediethere.com
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Sat Apr 11, 2009
Scott A. Nelson answered:
I have to agree with the previous post, get yourself a qualified real estate attorney who has alot of experience with lease to own type contracts. They'll need to consult what you have in writing as well as document any valid verbal promises.

You need to involve your attorney very early in the process to properly protect your interests. To answer your question though, I'd say as much as the owner is willing to agree to. You don't really say how much your lease terms are, what's included in the lease etc. If you've been paying all the expenses (utilitites, water, trash, condo fee, parking etc.) then you could expect a greater amount to be credited. If the owner has been carrying the fixed costs of the unit (insurance, water, taxes, condo fees, parking etc.) then there might be less room to negotiate.

Your depreciation argument might get countered by the owner saying your directly financially responsible for the depreciation (wear & tear if excessive (this is subjective) etc.). You might want to research how much they paid, how much they financed and try to get a grasp on what the owners financial position is, coupled with the current market value & your ability to get funding.

Lots to cover, more info really needed to flesh out your questions
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