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just want to know if this is legal and who is responsible for those things
Asked on May 15, 2009 under Real Estate Law, California
Answered 15 years ago | Contributor
If you are still renting, even in a rent-to-own situation, it is the landlord who is on the mortgage, and who pays the property taxes and insurance. You can obtain renter's insurance, while you are still renting. When you reach the point where you take over ownership, you will be getting financing, if necessary, to pay the rest of the agreed purchase price, which the landlord will use (if needed) to pay off her mortgage, just as in the more usual sort of sale.
You should have a written contract that sets out all the details about how and when you become the owner of the property. If not, you need to talk to an attorney, because in most cases an oral agreement to sell real estate isn't binding. One of the ways you can find a qualified lawyer in your area is on our website, http://attorneypages.com
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