Expert, localized Los Angeles answers provided by Heather Roy

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Rent to Own

  I am renting to own a home with no down payment.
Is the owner of the house responsible for the home owners insurance and the taxes on the home until i have paid it off?
 
 

The owner of the house is responsible for property taxes, and should be carrying insurance.  But all of that should be documented in your written lease-option contract.  Sometimes the tenant pays expenses -- it all depends on what they've agreed upon.
Do not go into a lease-option without consulting your own real estate attorney.  That's the best advice I can give you.

    Edith
Originally published on August 21, 2008
 
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