Profile picture for neidinegarcia

Renting with option to buy

I moved into a home with renting with the option to buy. The owner didn't say how much she wanted and didn't put it in writing so where does put me.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28 - Bushwick
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Typically a true lease with option to buy includes a legal contract. Did you use an agent in this situation or just go through the homeowner? An agent is there to protect your interests and it's a good idea to use an experienced agent so they can help keep you from such situations.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28

Leasing with an option to buy is a legal contract.  If you don't have anything in writing, then you are just renting.  In most cases, in order to secure Lease with Option to Buy, there has to be a fixed term at which time you have the right to "exercise" the option to buy the property at a predetermined price.  In exchange for this "option," there is usually "option" money that you have to give to the owner that is not refundable.  In some cases the option money is applied to your down payment/purchase price.  If you decide not to exercise the option then the seller keeps your option money.  So if you decide to move forward with this type of arrangement, make sure this is really what you intend to do.  Good luck to you.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28
Profile picture for wetdawgs
Then, until you get the terms in writing (with signatures from all parties) consider yourself a month to month tenant without an option to buy.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28
Profile picture for neidinegarcia
I don't have a legal document stating renting with the option to buy.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28
Profile picture for wetdawgs
Where does that put you?  Did you provide a option payment and get it legally documented?  Until you get the terms in writing, you are probably a month to month tenant.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 28
 
Related Questions
Renting with option to buy
Profile picture for Danielle Nicholl
Latest answer by Danielle Nicholl
August 28 | 5 answers
want to buy a foreclosed or a short sale house in boro park,brooklyn,ny,pls let me the names of th
Profile picture for user8895395
Latest answer by user8895395
October 06 2013 | 1 answers
how do I find a banker who will help me find a foreclosure or short sale ro purchase?
Profile picture for Javier Meneses
Latest answer by Javier Meneses
September 08 2013 | 4 answers
I want to know how I can contact these foreclosure or pre-foreclosure houses ifI am interested?
Profile picture for wetdawgs
Latest answer by wetdawgs
April 13 2013 | 1 answers
We need comps for the area of 1004 Putnam Avenue, Brooklyn, NY 11221
Profile picture for willie colbert
Latest answer by willie colbert
January 03 2011 | 3 answers
  • Asked by BrooklynFox
  • In Investing
  • January 03 2011
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 114 Covert St FL 3, Brooklyn, NY Home For Sale
    114 Covert St FL 3, Brooklyn, NY 11207

     For Sale: $679,000

    • Beds: 5
    • Sqft: --
    • Baths: 3.0
    • Lot: --
  2. 29 Fayette St FL 3, Brooklyn, NY Home For Sale
    29 Fayette St FL 3, Brooklyn, NY 11206

     For Sale: $1,100,000

    • Beds: 7
    • Sqft: --
    • Baths: 4.0
    • Lot: --
  3. 430/432 Johnson Ave, Brooklyn, NY Home For Sale
    430/432 Johnson Ave, Brooklyn, NY 11237

     For Sale: $2,995,000

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: --