if my landlord was renting to own to us but its solely her name on the morgage lender papers is that legal and who pays property taxes and insurance

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if my landlord was renting to own to us but its solely her name on the morgage lender papers is that legal and who pays property taxes and insurance

just want to know if this is legal and who is responsible for those things

Asked on May 15, 2009 under Real Estate Law, California

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you are still renting, even in a rent-to-own situation, it is the landlord who is on the mortgage, and who pays the property taxes and insurance.  You can obtain renter's insurance, while you are still renting.  When you reach the point where you take over ownership, you will be getting financing, if necessary, to pay the rest of the agreed purchase price, which the landlord will use (if needed) to pay off her mortgage, just as in the more usual sort of sale.

You should have a written contract that sets out all the details about how and when you become the owner of the property.  If not, you need to talk to an attorney, because in most cases an oral agreement to sell real estate isn't binding.  One of the ways you can find a qualified lawyer in your area is on our website, http://attorneypages.com


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