I have a question about an apartment I leased for 12 years. I paid more in lease payments than what it was purchased for though not today's worth though close to it. I had just a regular lease agreement with no buy-out option. What are my rights?
Paying rent does not give you any ownership rights or a right to purchase the unit. You do not get any type of credit for your rent payments unless there was a purchase option or other contractual arrangement. A regular lease just gives you a place to live as long as you pay the rent.
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other than trying to negotiate a lower price by applying rent payments and the good graces of the landlord without some document in writing allowing you to apply payments to a purchase price i dont believe you really have any rights.you paid for the privelege to live there and you received what you bargained for.
without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...nothing in this response should be construed as establishing a lawyer client relationship..the answers herein are for informational purposes and not to be construed as advice