Lease Option

If you are considering a Lease Option or Rent-To-Own, Here are Smart Questions To Ask...

For Home Sellers:

• • Who will tend to the property and pay for routine maintenance? Who pays for major repairs?

  • What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?

  • Will you manage the property yourself, or hire an agent?

  • What if the renters change their minds? Who keeps the money in the escrow account?

• If the buyers change their minds, what will be required to get the property ready to be back on the market?

For Buyers:

• • How much of the rent is going to the down payment?

  • How much deposit is required?

  • What will it cost you to get out of the deal if you change your mind?

  • How long do you plan to lease until you get enough of a down payment or to qualify for a mortgage?