What rights does someone have to the proerty they are lease/purchasing. Are they strictly a tenant or do they have any rights of ownership?

Hello Teach:

You said it in the wording of your question. You said purchansING. That means you are in the act of purchasing, you have not yet purchasED. Therefore, until the deed has been transferred, you're a tenant.

excon

Well you are a little more than a tenant, but not much. Since you have a contract for the purchase, the owner cannot sell the property out from under you. Nor can you be evicted as long as you follow the terms of the contract. When those terms have been completed, you will own the property.

But you cannot claim the taxes on the property as a deduction, the interest you pay on the contract is generally not deductible like a mortgage. If you default on the contract, you can lose any monies you have paid.

Hello again, Teach:

Let me also add, that as a tenant, the landlord is responsible for any repairs. Right now, it's HIS property and HE has to maintain it.

There are SOME advantages to your arrangement.

excon