QUESTION
Do i have to pay property Insurance on property that i don't own or my name is not on the deeds!?
Asked on Mar 28th, 2013 on Estate Litigation - Mississippi
More details to this question:
I'm living in an Rent to own house, i pay an promissory note, and property taxes! For three years i don't own the home my name is not on the Deeds,he wants me to pay property insurance and my name is not on that,! I can't even use the house on my taxes! Help!
1 ANSWER
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As a general matter, the payment requirements of a rent-to-own contract are determined by the contract itself. The payments of real estate taxes may be tax-deductible to you if you pay the taxes pursuant to an obligation to do so, even if you do not own legal title to the property. An attorney can advise you regarding these matters after reviewing your contract.
Answered on Mar 28th, 2013 at 3:13 PM