3 thoughts on “what is the sellers responsibilities in a lease option to buy contract?”
You are the bank. You collect the money and leave the rest alone. It is not a responsibility, but wise to check on the property from time to time to make sure it is in good shape.
A contract can contain any terms that both parties will agree to. The main differences between a regular lease and a lease purchase agreement have to do with repairs as I recall. Many contracts take the position that the lease purchaser is responsible for any maintenance or repair as they will ultimately be the owner of the property. Making any changes in landscape, interior of home are also usually only allowed with permission of the owner. I would suggest you contact a Realtor for a referral of a good attorney. Pay the money to have a proper contract drawn up. The cost will be well worth the possibilities of leaving yourself exposed financially with a poorly written contract.
You are the bank. You collect the money and leave the rest alone. It is not a responsibility, but wise to check on the property from time to time to make sure it is in good shape.
To honor the contract. Mainly to credit the money paid as provided in the contract. Often a percent of rent is credited towards the down payment.
A contract can contain any terms that both parties will agree to. The main differences between a regular lease and a lease purchase agreement have to do with repairs as I recall. Many contracts take the position that the lease purchaser is responsible for any maintenance or repair as they will ultimately be the owner of the property. Making any changes in landscape, interior of home are also usually only allowed with permission of the owner. I would suggest you contact a Realtor for a referral of a good attorney. Pay the money to have a proper contract drawn up. The cost will be well worth the possibilities of leaving yourself exposed financially with a poorly written contract.