What are my rights as a buyer?
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What are my rights as a buyer?
I’ve been leasing a cabin with land for
a year. The property has 2 homes on it.
I have been given the option to purchase
this property in its entirety through
seller financing. The other home has
tenants in it. The seller wants to
continue renting the other home even
after I start making payments. Can he
legally do that?
Asked on January 7, 2019 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
It depends on whether and when title transfers to you. When title is in your name--even if you are still making payments, whether through seller financing or a conventional mortgage or otherwise--it is your property and you decide what to do with it, who may live there, etc. If and when title is in your name, the seller had nothing more to do it (other than collect their payments) and cannot rent to anyone else.
On the other hand, if title has not yet transferred to you, it is still their property and they can rent that building to someone else--and will only have to stop when title does transfer.
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