Q: Lease agreement terms
I am buying a home through a rent to own agreement. It was negotiated at $700 a month. Owner was to pay property taxes. It says tenant was to pay for homeowners insurance. I've been told it is illegal for the tenant to purchase homeowners insurance unless they have ownership interest in the home. It states in the lease we do not have ownership interest until the house is paid off in 10 years. He has provided written notice of a rent increase to $800 a month after we informed him of the homeowners insurance requirements. We have 9 years left on the lease agreement. I was told its legal for our landlord to increase rent after 12 months have passed. However rent increases are not in the lease agreement. It says to pay the set amount of $700 over the course of 10 years. Do I have any options?
A: Your question begins by referencing a written agreement. You should consult with an attorney about the enforceability of that agreement. The general things you report having been told may or may not apply. Do not delay in consulting with an attorney before the alleged increase in rent.
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