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rent to purchase

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confusedinbama

Guest
What is the name of your state? Alabama

I recently looked at a home and on the 24th of the month paid down on the home. The down payment was agreed upon by both parties and I was informed at the time that I would have monthly payments with fixed 10% interest. This was to be a lease to purchase agreement with all monthly compensation going toward the purchase price of the home. It was agreed upon that when the full amount of purchase had been recieved the ownership of the property would be transfered to me. I was informed that it would take a few days to have the necessary documents drawn up which I understood. The following day I was informed that I would need to suppy the funding for home owner insurance and for the property taxes. At the time, I assumed that the owner knew what he was talking about so I complied. After a week passed and I still recieved no documentation on the agreement we made, I went to the county courthouse and did a deed search, the home is not owned by the individual who made the arrangement with me to rent to purchase the home. The deed is held by a mortgage company and no where on the deed does it show the gentlemans name who I am supposedly purchasing the home from. I not sure if it matters but the deed I recieved is a forclosure deed, where the property was bought during a foreclosure auction. I also found out the amount of taxes I was told was due annually was incorrect, and my insurance company told me that I couldnt take out anything other than renters insurance for my contents until the home was legally deeded to me. Can the person selling me the home, if purchasing it somehow through this mortgage holder sell me the home on rent to purchase without the deed being in his name? What I really want at this point is to recieve my money back and find me another house. Do I have a legal right to this since I was badly misinformed and have yet to recieve any documentation on the agreement. I do have receipts for the funding I gave him stating it was downpayment then receipt for rent to own and gave the specific address. I should also add that the property address I have is not a sole parcel. It isnt listed in the mapping office or the tax office. He resides next door and the parcel he has supposed sold to me is part of his property. The listing in all county documents lists the address he has amount of acres and two residences. What can I do?
 


HomeGuru

Senior Member
confusedinbama said:
What is the name of your state? Alabama

I recently looked at a home and on the 24th of the month paid down on the home. The down payment was agreed upon by both parties and I was informed at the time that I would have monthly payments with fixed 10% interest. This was to be a lease to purchase agreement with all monthly compensation going toward the purchase price of the home. It was agreed upon that when the full amount of purchase had been recieved the ownership of the property would be transfered to me. I was informed that it would take a few days to have the necessary documents drawn up which I understood. The following day I was informed that I would need to suppy the funding for home owner insurance and for the property taxes. At the time, I assumed that the owner knew what he was talking about so I complied. After a week passed and I still recieved no documentation on the agreement we made, I went to the county courthouse and did a deed search, the home is not owned by the individual who made the arrangement with me to rent to purchase the home. The deed is held by a mortgage company and no where on the deed does it show the gentlemans name who I am supposedly purchasing the home from. I not sure if it matters but the deed I recieved is a forclosure deed, where the property was bought during a foreclosure auction. I also found out the amount of taxes I was told was due annually was incorrect, and my insurance company told me that I couldnt take out anything other than renters insurance for my contents until the home was legally deeded to me. Can the person selling me the home, if purchasing it somehow through this mortgage holder sell me the home on rent to purchase without the deed being in his name? What I really want at this point is to recieve my money back and find me another house. Do I have a legal right to this since I was badly misinformed and have yet to recieve any documentation on the agreement. I do have receipts for the funding I gave him stating it was downpayment then receipt for rent to own and gave the specific address. I should also add that the property address I have is not a sole parcel. It isnt listed in the mapping office or the tax office. He resides next door and the parcel he has supposed sold to me is part of his property. The listing in all county documents lists the address he has amount of acres and two residences. What can I do?
**A: here is what you can do; take all your papers to a real estate attorney like yesterday.
 

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