Legal Question in Real Estate Law in New York

Purchasing a home from my landlord rent to own

My husband and I are purchasing the home we lived in for the last 10 years from our landlord. We tried to just assume the mortage from him but the bank would not let him because he had previously borrowed against it. We have agreed to a firm $50,000.00 ''as is'' price and want to pay him each month the existing mortage payment plus extra for additional fees like, homeowners insurance,garbage pick up and water bill. His taxes are included in his mortage. After 6 years, or when the 50,000 is paid off, we take ownership of the deed. I want to know if we can buy your real estate purchase agreement and ad stipulations to it as I mentioned above, and after we both agree to it,sign it, have it notorized and it be a legal binding document to protect both of us. We are trying to do this with as little fees as possible. Could you please point us in the right direction? Thank you for your help.


Asked on 4/07/05, 4:28 pm

1 Answer from Attorneys
Anthony Lee Gallo & Iacovangelo, LLP

Re: Purchasing a home from my landlord rent to own

The proper way to protect your interests is to have an attorney represent you in either a regular purchase contract, or in a land contract. I would be happy to discuss the matter with you futher since I have experience handling these matters throughout Buffalo and Western New York. Please give me a call at my law office (585) 454-7145, x216

Anthony C. Lee, Esq.

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Answered on 4/07/05, 4:34 pm


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