If you are considering a Lease Option or Rent-To-Own Deal, 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 put the property back on the market?
For Buyers:
How much of the rent is going to the down payment?
How locked in are you if you change your mind?
What will it cost you to get out of the deal?
How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?
Source: REALTOR® Magazine Online.