Legal Question in Real Estate Law in Florida

My husband and I signed a rent to own agreement to buy a home. We entered the agreement 12-13-10 we pay 686.25 a month. The amount was 53,900.00 we put 2000.00 down which left 51, 9000.00 we have only been late on one payment however we get later notices just about every three months to where we have to go to the office and show them we paid that payment. This has happen over 10 times in the almost 2 years I keep every receipt from them. Last week we received a late notice last week when I showed them I paid it and just ask them what the payoff amount was planning to just borrow the money to get out from under this agreement. To my surprise they told me my payoff after two years of paying was still 51,740.00. My question: is there not a law where there is a cap on the interest they can charge for this kind of agreement? And what percentage of the monthly payment do they have to put to the sale price?


Asked on 10/05/12, 9:45 am

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

Your written paperwork controls. Have it reviewed by an attorney. There are laws capping interest, but your agreement may come outside of those requirements.

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Answered on 10/05/12, 10:08 am


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