Do I have to pay rent if I am buying property?
I’m buying house that I have been renting for over a year. I will be closing in the next couple of days. My lease has expired and I was paying rent in month to month basis. However do I have to pay November’s rent from the 1st until closing day if the property is going to be mine. Any help will be appreciated.
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Tags: Buying House, House Renting, rent property
rent property | , 9 Mar 10
By Dan B, March 12, 2010 @ 5:22 am
You don’t own the home until the date of closing. You owe rent up to the date of closing (prorated). The landlord cannot charge you for a full month’s rent if he doesn’t own the home after closing. It’s just like your mortgage payments and escrow accounts for the first month. They are prorated. First part of the month goes to the previous owner, last part of the month goes to the new owner.
By Lepke, March 15, 2010 @ 6:34 am
I would think that you would have to pay the rent from November 1st to the day of closing. Until closing, the property doesn’t belong to you. So it would be the percentage of your monthly rent.
By Mike, March 17, 2010 @ 3:17 am
Yes, the owner still has to make the mortgage payment, taxes, etc. for the partial month that you are there.
By tro, March 18, 2010 @ 11:22 pm
you certainly can try to work something out with the former landlord, now the seller
but until you actually own it you are a renter and any part of a month you are a renter, you owe the full month
By Classy Granny, March 20, 2010 @ 9:23 pm
You owe rent until the day the house becomes yours
By My Take on It, March 22, 2010 @ 6:24 pm
Yes
You have to pay prorated rent.
At this point, you do not own the house, so why would you get to live there free?
Don’t mess up your credit or risk being sued in small claims over a small amount of money for November’s rent.