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Buying or Selling a Home/Rent-to-Own/owner Financing

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Question
Are there any rules/regulations/restrictions/laws regarding the percentage/amount of money that can be charged when purchasing a rent-to-own property? Not even sure if this sale is rent-to-own or should be considered buyer financing. Our brother is purchasing a mfg.home (in a park). He gave the owner $3,000. down payment and is making monthly payments.  He has to pay the taxes, registration and home owners insurance-but has no papers of ownership.  Seems like the payments he will be required to make for the next 10 years will make this mfg. home more than 3 times the asking (sale) price of the home.  Is there a site I can read up on this?

Answer
If you really want to protect your brother, Sherry, I strongly suggest you consult with a REAL ESTATE attorney and show him the documents your brother is involved. Obviously, I would not be able to help without reading them myself.
Do not hesitate to consult a very knowledgeable real estate attorney. You might want to ask the the local Board of Realtors who their attorney is and consult with him/her. I do wish you well.

Dick Dennis
dixiedee13@gmail.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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