Ask Experts Questions for FREE Help !
Ask
    Teach12's Avatar
    Teach12 Posts: 17, Reputation: 1
    New Member
    		  
    #1

    Dec 15, 2007, 04:57 PM
    Lease/purchase in Florida
    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?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Dec 15, 2007, 05:04 PM
    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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Dec 15, 2007, 05:27 PM
    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.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #4

    Dec 15, 2007, 05:31 PM
    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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Lease to purchase contract [ 2 Answers ]

Hello! Trying to see if anyone might be able to help me with my problem, okay I sold my property to and investor group, I was in the process of losing the property which is a three flat, my loan was paid off in full, The term of the lease is that the buyer is now my Landlord and I'm the tenant,...

Breaking a lease to purchase a home [ 1 Answers ]

I live in SC and I currently live in a apartment, my lease is not up until Feb of 2008. I recently got married and we did not expect that we would find a house to purchase as soon as we did. We close on June 6th. I gave a notice on May 1st, so it is over a 30 day notice. The new management at the...

Lease to purchase contracts [ 1 Answers ]

Lessor states on contract that she is responsible for insurance, comes back 2 weeks later to say we need to get insurance on a lease to purchase!! Can you even get insurance on a lease to purchase property?

Verbal Lease after written lease agreement - Florida [ 6 Answers ]

I had a signed lease with my renter from March 2006 to October 2006. In September he failed to pay rent due to him trying to get his son from Social Services. We verbally agreed to extend the lease to a month to month basis and him adding an additional $50.00 per month to make up for Septembers...

View more questions Search