Q: I will be purchasing a home, owner to owner from my landlord. What type of questions should I ask when signing.
I will be renting to own the rental I live in. The landlord and I have come to an agreement as far as price/down/monthly payments. What type of questions should I ask? Should I be liable for taxes of the property during the timeframe I will be renting to own? She does have an attorney that will be gathering the paperwork although she is not a Real estate attorney. Should that worry me? I have to meet with them both soon.
A:
1. You need to verify that there is no mortgage lender or other liens recorded against the property.
2. You need to verify that the landlord is the sole legal owner of the property.
3. You need to verify that the home is not anyone's homestead and is not claimed as homestead in the appraisal district of the county.
4. You need to verify that the landlord does not have any sort of contractual or legal commitment to any other person, including a spouse. A spouse may have a community property interest in a home even if the spouse's name is not on the deed.
5. You need to address insurance for the home.
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A: Contract for a Deed is only a Lease with Option To Purchase. You will not own anything but a contractual right until you receive a Deed. Hire a TX attorney to represent you.
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