f_inscreenname
09-22-2008, 04:38 PM
Hey folks.
I just bought the lot behind us. Long story short. It is a lot in between 2 houses that wasn’t big enough to build on by it’s self and the two people on each side of the lot for different reasons could not buy it. The old owner was building a house of his own and in this market he was kind of in a jam (needed money bad) so being we have the lot behind it (we have 3 lots and our house sits on lot 1 and the other 2 lots end up being our side yard, the reason I bought this house) one day in the future if needed we can sub-divide lot 3 and the new lot and use the proceeds to pay off the house. Or an insurance policy to always be able to keep the house we are in. That and it was a steal that couldn’t be turned down. And everyone said I would be a fool not to buy it even though this isn’t the best time for me (unemployed) but I thought the same thing. I just wish it would have came at a better time.
The guy on the one side bought the house from the same guy we bought the lot from. He has been taking care of the lot like his own yard (down to the Koi pond). At the same time he has be renting the lot with first option to buy but just couldn’t get his money together after 2 years (I think he is upside down in his house). So today I ran into him for the first time since the buy and pitched he can still rent it if he wants to use it (we are not selling ) like he has. No fences changes or anything. But according to the title clerk we need to establish ownership by either having a rental agreement or putting up a fence. That way 20 years from now we are not in court with them saying they have been taking care of it and it’s theirs. You know how things happen. So does anyone have a simple rental agreement we can fill out and be covered?
I just bought the lot behind us. Long story short. It is a lot in between 2 houses that wasn’t big enough to build on by it’s self and the two people on each side of the lot for different reasons could not buy it. The old owner was building a house of his own and in this market he was kind of in a jam (needed money bad) so being we have the lot behind it (we have 3 lots and our house sits on lot 1 and the other 2 lots end up being our side yard, the reason I bought this house) one day in the future if needed we can sub-divide lot 3 and the new lot and use the proceeds to pay off the house. Or an insurance policy to always be able to keep the house we are in. That and it was a steal that couldn’t be turned down. And everyone said I would be a fool not to buy it even though this isn’t the best time for me (unemployed) but I thought the same thing. I just wish it would have came at a better time.
The guy on the one side bought the house from the same guy we bought the lot from. He has been taking care of the lot like his own yard (down to the Koi pond). At the same time he has be renting the lot with first option to buy but just couldn’t get his money together after 2 years (I think he is upside down in his house). So today I ran into him for the first time since the buy and pitched he can still rent it if he wants to use it (we are not selling ) like he has. No fences changes or anything. But according to the title clerk we need to establish ownership by either having a rental agreement or putting up a fence. That way 20 years from now we are not in court with them saying they have been taking care of it and it’s theirs. You know how things happen. So does anyone have a simple rental agreement we can fill out and be covered?