What is the name of your state? Virginia
I have read the escrow section part of the main site but my question isn't quite addressed.
A year ago we agreed to a rent to own scenario with a woman who had put her home on the market. She had a real estate agent and so did we. Although she had her house on the market, she had gone through divorce and said her husband lived in Florida and had yet to sign off the papers so she could sell the house.
We entered into a rent to own contract written up by her listing agent. We agreed to the terms and this included the rent amount and the escrow amount the listing agent had written that would go to him if we backed out.
His contract with the woman ended in June and he is no longer her agent. Our contract ended in June as well but she said we could live here and continue paying rent as agreed. (by the way, all this has been through our agent, she has specifically refused to meet in person) We wanted to assume the mortgage because it's a good deal so we agreed and told her we needed a new contract.
She has made excuse after excuse to our agent and as of now, we still have no contract. In this time we continue to pay a monthly escrow amount even though the agent it would have been paid to is no longer involved. She had said when we assume the loan (although I have no idea when we could legally do this because she cannot legally sell it) it could go towards the payment.
My husband and I have been nervous since June and I know it may be paranoid of me, but with no contract I have been afraid she could legally let us pay down her mortgage (albeit it would take 7 more years) and then claim the house is legally hers and her ex-husband's property still.
I have been increasingly of the opinion I would rather cut my losses and find a more reasonable person to buy from. By now, we may also qualify for a mortgage which we couldn't do a year ago as we have been working on our credit.
A week ago she sent us a letter through our agent which has raised the rent 75 dollars with no reason stated.
So, I wouldn't mind some knowledgeable opinions. With no current contract, what would happen to the escrow? Are we even legally required to tell her 30 days before we move? I wouldn't do something that low, but we don't even have a renter's agreement. She specifically stated when we took the rent to own deal, she wanted no land lord responsibilities. We have preformed light maintenance and (in my opinion) even improved some very dirty areas of the house. Even then, I am willing to give up what may add up to $400-500 free maintenance from pipes to appliance fixing (which would stay with the house) not to mention the free cleaning labor. I would rather do this than lose more rent and escrow with such an uncertain deal.
It's a long confusing situation. Any advice/opinions would be appreciated.
Thank you.
I have read the escrow section part of the main site but my question isn't quite addressed.
A year ago we agreed to a rent to own scenario with a woman who had put her home on the market. She had a real estate agent and so did we. Although she had her house on the market, she had gone through divorce and said her husband lived in Florida and had yet to sign off the papers so she could sell the house.
We entered into a rent to own contract written up by her listing agent. We agreed to the terms and this included the rent amount and the escrow amount the listing agent had written that would go to him if we backed out.
His contract with the woman ended in June and he is no longer her agent. Our contract ended in June as well but she said we could live here and continue paying rent as agreed. (by the way, all this has been through our agent, she has specifically refused to meet in person) We wanted to assume the mortgage because it's a good deal so we agreed and told her we needed a new contract.
She has made excuse after excuse to our agent and as of now, we still have no contract. In this time we continue to pay a monthly escrow amount even though the agent it would have been paid to is no longer involved. She had said when we assume the loan (although I have no idea when we could legally do this because she cannot legally sell it) it could go towards the payment.
My husband and I have been nervous since June and I know it may be paranoid of me, but with no contract I have been afraid she could legally let us pay down her mortgage (albeit it would take 7 more years) and then claim the house is legally hers and her ex-husband's property still.
I have been increasingly of the opinion I would rather cut my losses and find a more reasonable person to buy from. By now, we may also qualify for a mortgage which we couldn't do a year ago as we have been working on our credit.
A week ago she sent us a letter through our agent which has raised the rent 75 dollars with no reason stated.
So, I wouldn't mind some knowledgeable opinions. With no current contract, what would happen to the escrow? Are we even legally required to tell her 30 days before we move? I wouldn't do something that low, but we don't even have a renter's agreement. She specifically stated when we took the rent to own deal, she wanted no land lord responsibilities. We have preformed light maintenance and (in my opinion) even improved some very dirty areas of the house. Even then, I am willing to give up what may add up to $400-500 free maintenance from pipes to appliance fixing (which would stay with the house) not to mention the free cleaning labor. I would rather do this than lose more rent and escrow with such an uncertain deal.
It's a long confusing situation. Any advice/opinions would be appreciated.
Thank you.