Buying or Selling a Home/Rent-to-Own/owner Financing
Expert: Dick Dennis - 3/22/2016
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.
Knowledgeability = 10
Clarity of Response = 10
Politeness = 10
Thank you for the prompt reply to our question. This gave us an idea of where to look for additional help and information.
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.
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