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Too good to be true?
Last Post 22 Jun 2009 06:52 PM by Ivan Tchakarov. 1 Replies.
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Laura
Posts:1
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01 Jun 2009 10:07 PM  

A friend of mine has made me an offer to rent to own her second home. She is not asking for a down payment. The deal is I pay 850.00 a month for 10 years and the home is mine. (The 850.00 covers insurance and prperty taxes) She has even agreed to put in the contract that after 3 years, if I have to move, I can rent the house out .. My question is, is this legal? I have researched a bit and have not seen anything like this type of agreement.  I realize seeking an attorney would be the wisest thing but  as I am living paycheck to paycheck at the moment ,  that is not an option for me.  Any advice?


Ivan Tchakarov
Posts:47
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22 Jun 2009 06:52 PM  
Laura, a bit of a delayed response but hopefully not too late. This does seem too good to be true unless we are talking about a $50k house. $850 sounds more like a rent amount. You will have to get an attorney to handle this contract - it is legal but too good to be true.
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