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Can you place a lien on property held as joint tenant for value of inheritance that they agreed to purchase at time of inheritance?
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What does rent to own mean in real estate?
Rent-to-Own is a form of rental agreement which can mature into a purchase agreement. The tenant agrees to rent a property at a rate per month for a specific term. At the end of the term, the tenant will be given the right, but not obligation, to purchase the property at an agreed upon price. The amount of rental paid during the lease term will then be applied toward the purchase price of the property.
Inheritance from joint tenancy quitclaim deed?
There is no 'inheritance' from a joint tenancy. When two people own property as joint tenants with the right of survivorship and one dies the survivor automatically owns the property. Think of it this way: When one owner dies their interest in the property disappears leaving the survivor as the sole owner.
The Pros And Cons Of Obtaining A Lease To Buy Agreement On Your Next Home Or Apartment?
A lease to buy agreement, also known as a lease purchase or a rent-to-own, is when a tenant rents a home or an apartment that offers the choice of purchasing the property during a pre-determined time period. During this time period, which is usually around three years, the tenant may choose to purchase the property at the price that is set at the time of leasing. However, during the time that the tenant is only leasing the property, he or she will be required to pay a one time “option fee”, which is 1% to 5% of the price of the property. This option fee will then be deducted from the price of the property if the tenant does decide to purchase. Additionally, the tenant will also be required to pay a monthly rent, along with a rent premium. This rent premium will also be deducted from the price of the home if the tenant decides to purchase the property. Unfortunately, if the tenant does not decide to purchase, he or she will not be refunded the option fee, nor the rent premium. There are a number of benefits to obtaining a lease to buy agreement. One benefit of these agreements is that a tenant may use the leasing period to build his or her credit while deciding to officially purchase the property. That way, if a tenant does decide to purchase the home, he or she will then have the credit needed to obtain a beneficial home loan. Additionally, while the tenant is building their credit, they are also building equity in the home. This places them in a better overall financial standing if and when they decide to purchase the property. Unfortunately, there are also disadvantages to obtaining a lease to buy agreement. The main disadvantage is that neither the option fee, nor the rent premium are refundable if a tenant decides not to purchase the property. These extra fees will then just be lost funds that would have been saved had the tenant entered into a traditional leasing agreement. This is why it is important to consider the pros and cons of obtaining a lease to own agreement before entering into such a lease.
Can a lien be placed on a house from a bank debt from a tenant?
No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.
If the tenant has a purchase agreement with the landlord can the current owner sell the property to someone else?
NOT IF THE LANDLORD IS ONE & THE SAME AS THE CURRENT OWNER & PROVIDED ALL OWNERS' OF SAID PROPERTY SIGNED THE PURCHASE AGREEMENT.
If I agree to purchase a residential property from an owner but that property is currently being leased to someone what rights do I have?
If you purchase this property, you will assume the position of landlord under the existing lease with the tenant. Your rights and responsibilities are determined by the lease and your state's landlord-tenant laws. It is a good idea to talk with a real estate attorney in your area before purchasing this property to ensure that the lease protects your rights and you won't have any surprises after closing (e.g. tenant demands deposit refund, major repairs, etc.)
Can a remainderman lease property of a lifetime estate to a leasing company without the life tenant's consent?
No. The life tenant has the right to the use and possession of the property for life.No. The life tenant has the right to the use and possession of the property for life.No. The life tenant has the right to the use and possession of the property for life.No. The life tenant has the right to the use and possession of the property for life.
Is landlord responsible for providing garden tools to tenant?
No, not unless the tenant is acting as your agent to help maintain the grounds of your property. Each tenant is responsible for maintaing their own yard and thus must purchase their "tools" to keep said grounds maintained.
Doeslandlord have to notify tenant if selling the property tenant is renting?
No.
What is a overlease?
An overlease is a lease agreement between a tenant and a subtenant, where the subtenant leases the property from the tenant who is already leasing the property from the landlord. It allows the original tenant to sublet the property to another party.
Is the lessor the landlord or the tenant?
Tenant and lessee are the same thing, they are a person who rents property from a lessor who own property that he wants to lease.
Does a surviving joint tenant pay inheritance taxes?
No. Joint property with the right of survivorship is a non-probate asset. It may help to think of jointly owned property this way: You both owned the whole property. When the other person died their interest in the property simply vanished. You already owned the property and so you "inherited" nothing.
