We’re sure many wonder just how people get rich: tenacity. That’s the only way we can describe it. It all boils down to how you buy a candy bar for a buck and then sell it for two bucks. Simple as that. Increase the scale as high as you want to go, and you have a major money maker on your hands.
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The funny thing about HOAs (Homeowner Associations) is that they legally can choose to work with — or not work with — the ‘tenant’ in question. You’re all throwing your arms up in disgust, thinking that it’s unfair given the fact that tenants may have rent-to-own agreements with condo owners, for instance, right? Of course the HOA should work with you! Of course you can represent your landlord in this case. You’re going to own the condo anyway, correct?
That, therefore, means the HOAs can choose not to even work with those tenants possessing rent-to-own agreements. By law, they would have to work with the actual condo owners themselves. You, as a tenant-soon-to-be-homeowner can’t represent that condo owner, not even a little bit.
The fact is even if your landlord asks or expects that you interface with an HOA, the HOA can still turn the cheek and say NO…. “I need to speak to the owner.” You literally can’t do anything about it until that property’s legally yours. At that current moment, you’re nothing more than an occupier, paying rent.
As with all contractual law, though, it can be something stipulated and allowed by an HOA in regards to rent-to-own agreements. But you need to be well aware of that in writing. If it’s not in writing, don’t expect to get anywhere with representing your landlord for the HOA regarding anything about the property. You’d have to contact the condo owner specifically instead.
Most definitely. And in the real estate industry, everyone has a role — whether you’re a tenant, buyer, owner, seller, agent, broker or whoever. Heck, even the plumber has a role! You simply have to remember that while you’re renting, you’re a tenant. When you’re finished with all rent payments for that period, you’ll be something more…. Any other questions about rent-to-own? Feel free to peruse the site even more!