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For anyone astute about real estate....could use some help
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<blockquote data-quote="LittleDudesMom" data-source="post: 539337" data-attributes="member: 805"><p>The laws are different state by state but usually renting to own means that, should the tenant want to purchase the home, they get credit towards the purchase price for what they have paid in rent. Sometimes there is a purchase option at the end of the term and sometimes it's wide open. Depends on how the agreement, or lease, was written.</p><p></p><p>Now, if both are listed on the lease then they are equally liable for the rental amount. No one can just walk away from a lease with liability, but again, the laws vary from state to state.</p><p></p><p>Most leases are written, even purchase options, for a particular length of time with a total rent due which is broken down into monthly installments. i.e., 500 per month for a two year lease = a total lease amount of 12,000. Should the tenant terminate illegally, moving out before the end of the lease term, they are liable for the full amount.</p><p></p><p>Your son needs to speak with the builder and let him know what is going on. His wife is still liable for the terms of the agreement regardless of whether she is living there or not if they are both listed on the lease as tenants (not just an occupant - which is why I always urge roommates to be tenants rather than one as the tenant and one as the occupant. An occupant has no liability. I can tell you, as a landlord, that receiving information from the tenant about what is going on is essential in working out difficult situations.</p><p></p><p>Sharon</p></blockquote><p></p>
[QUOTE="LittleDudesMom, post: 539337, member: 805"] The laws are different state by state but usually renting to own means that, should the tenant want to purchase the home, they get credit towards the purchase price for what they have paid in rent. Sometimes there is a purchase option at the end of the term and sometimes it's wide open. Depends on how the agreement, or lease, was written. Now, if both are listed on the lease then they are equally liable for the rental amount. No one can just walk away from a lease with liability, but again, the laws vary from state to state. Most leases are written, even purchase options, for a particular length of time with a total rent due which is broken down into monthly installments. i.e., 500 per month for a two year lease = a total lease amount of 12,000. Should the tenant terminate illegally, moving out before the end of the lease term, they are liable for the full amount. Your son needs to speak with the builder and let him know what is going on. His wife is still liable for the terms of the agreement regardless of whether she is living there or not if they are both listed on the lease as tenants (not just an occupant - which is why I always urge roommates to be tenants rather than one as the tenant and one as the occupant. An occupant has no liability. I can tell you, as a landlord, that receiving information from the tenant about what is going on is essential in working out difficult situations. Sharon [/QUOTE]
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