legal issues if dont take occupancy

[quest 0]

Hello,

 

I bought a twin single as owner occupied. Upon working on the unit to make it liveable, I realized I HATE THE NEIGHBORHOOD AND THE NEIGHBORS. Do I have any recourse? I'd rather rent it out.

 

When I went to view the home and do the inspection I felt it was nice enough but it's way different after being there regularly doing rehab.

 

What type of legal and or tax problems do I face If I never take occupancy?

[MichaelC 160]

Much depends, I suppose, on the specifics of your loan. I'll assume that since you financed the unit as owner/occupant, your loan will reflect that. Most wil require you to live there for a year. What does your's state specifically?

[Guest Guest_Quest]

One year is the requirement.

 

 

Hey, since you answered that question, do you know the difference between the terms: Rent to Own and Lease Purchase?

 

Thanks,

Quest for Peace

[MichaelC 160]

If there is an occupancy requirement in place then you have two choices. Abide by it and tolerate your new neighbors. Or, violate it and hope you aren't found out. And if you are, be willing to accept the consequences.

Hey, since you answered that question, do you know the difference between the terms: Rent to Own and Lease Purchase?

In my mind, nothing. I use the terms interchangeably.

[Kimberly 0]

Hey, since you answered that question, do you know the difference between the terms: Rent to Own and Lease Purchase?

In my mind, nothing. I use the terms interchangeably.

Quest,

 

Sometimes when you're talking to others they'll get the rent to own concept easier than lease purchase. They relate rent to own with tvs and furniture. You just want to make sure they understand, it's not nothing down and renting for the next 45 years until they've paid the house off!

[quest 0]

Thanks for the information all.

 

Quest