Posted by Mark Smith on August 21, 1999 at 00:21:39:
In Reply to: Re: landlord: GG: rent-to-buy posted by Anna on August 20, 1999 at 23:30:46:
Generally, only part of the rent that you have paid is applied toward the purchase price of the property. Get an attorney experienced in this area of law. Make sure that the contract specifies the purchase price, the portion of the rent that will be applied to the purchase price, the amount of time that you have to exercise the option, and any other provisions that will protect your interests. You probably can't get a mortgage commitment until you are ready to exercise the option to purchase.
: : I live in Suffolk County, New York.
: : I am hoping someone may have dealt this guy.
: : Does anyone have any information on a landlord named Gerald Geller?.
: : This man wants me and my wife to rent-to-buy the house
: : we live in, but will not put any thing in writing, so we can secure
: : a mortgage.
: : Thank's for any help I get
: Rent-to-buy: that's a contract where your current rental payments go towards the purchase price if you buy within the rules of your contract. It does not matter who this GG guy is, this type of thing MUST be in writing; get a real estate lawyer, now. Ask your home-owning neighbors, family, and work-pals who they used.
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